What to expect to be asked for in an employee benefit audit

If your company sponsors an employee benefit plan with 100 or more participants, an audit may be required (for more on when an audit is needed read the Henry+Horne blog Does your employee benefit plan need an audit). After it is determined that an audit is necessary and the audit is soon to begin, you …

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Mutual funds – a common investment for employee benefit plans

Most 401(k) plans offer their participants a variety of investments and most of these line ups include mutual funds. The risk associated with mutual funds range from conservative to aggressive. They are comprised of pools of money collected from investors that is then invested in a variety of securities (such as stocks, bonds or cash). …

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Investment Choice Fees

There are two types of fees that may be charged to your retirement plan that are different from administrative fees.  These fees are usually in connection with investment choices that are made available to participants. One type of fee is known as the sales charges.  You may also hear these sales charges referred to as …

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Check Out GFOA’s Six New Best Practices that were Adopted in January 2012

In January 2012, the Government Finance Officers Association’s Executive Board adopted 2 new Best Practices and revised 4 Best Practices.  The 2 new Best Practices are as follows: Presentation of the Departmental Section in Operating Budget Document – This document provides guidance to governments on how to meet their programs and services objectives.  The departmental …

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Step Transaction Doctrine

A recent case in the federal district court highlights the need to have some time elapse between the date of formation and funding of an FLP or FLLC and the date of gifting of interests in the FLP/FLLC. In Heckerman v U.S., the taxpayers (David and Susan Heckerman) took the following steps in gifting of …

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