PAYROLL VERIFICATION
Payroll failures can undermine fiduciary risk management strategies and lead to regulatory fines.
Payroll deficiencies are caused by several predictable shortcomings, which Payroll-Protect RC helps cure. We install control procedures that embrace best practices; reconcile contributions and loan payments; and validate eligibility; enrollment; distributions; and vesting.
Payroll-ProtectRC
A Roland|Criss innovation
What if you could eliminate the chance of costly corrections with the IRS and Department of Labor?
Payroll errors are at the top of the list of the items that result in violations of fiduciary rules among 401(k) type retirement plans. Payroll-ProtectRC helps ensure that eligibility and distribution decisions adhere exactly to the plan’s governance provisions.
What makes Payroll-Protect unique?
Internal ControlsPayroll-Protect is built on a system of internal controls that reflect industry best practices.
VerificationExamines payroll reconciliations to ensure compliance with a plan’s rules.
MonitoringChecklists assist in maintaining compliance and serve as a resource for plan auditors.
Ongoing ManagementRoland|Criss will perform payroll reconciliation ongoing.
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- Implementing a payroll controls workflow;
- Assessing operations against the controls;
- Establishing monitoring steps to ensure compliance with a plan’s rules;
- Improving CPA annual audit results.
Get the full Payroll-Protect briefing to learn how we can eliminate your worry and ease your payroll reconciliation efforts.
Payroll-Protect™ is a trademark of Roland|Criss Fiduciary Services.
Article
Payroll is a Fiduciary’s Trojan Horse
Like the hollow wooden Trojan horse in Greek mythology that concealed an invading force, payroll can secretly erode the compliance efforts of every organization that sponsors an ERISA qualified retirement plan.
Reprinted with permission from Journal of Compensation & Benefits,
Practical Tip
Payroll Breeds Trouble for Fiduciaries
The annual financial audit performed by a plan’s CPA won’t necessarily catch all payroll deficiencies that might exist. A CPA’s audit is focused primarily on financial transactions, not operational processes. So, it’s vital to self-test periodically all of your plan’s payroll dependencies.
