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Payroll errors are the leading reasons that employers violate fiduciary regulations governing retirement plans and the IRS’ rules. The consequences of those violations can create severe problems. Payroll internal control deficiencies regularly appear in the annual plan audits conducted by CPA firms. The IRS recently launched an amnesty-like pilot program that incentivizes employers to focus on their payroll systems during the IRS’ grace period. This podcast will cover the issues and present solutions.
Employers are responsible for validating the accuracy of payroll for ERISA plan purposes,
not a plan’s vendors.
Host
Ronald E. Hagan is Chairman of Roland|Criss’ Risk Standards Committee. Ron has over 25 years of experience helping clients examine and improve their risk management practices for employee benefit plans qualified under the Employee Retirement Income Security Act of 1974. He is the engaging host of Roland|Criss’ weekly podcast and quarterly webinar series. His column The Excellent Fiduciary appears in each issue of the nationally published Journal of Compensation and Benefits.
Guest Expert
Kristi L. Arthur is Senior Director of Fiduciary Solutions for Roland|Criss. Kristi plays a key role in managing Roland|Criss’ fiduciary workflow processes for our clients. In this capacity she serves as the primary client interface for our large plan relationships and is adept in interpreting and administering retirement plans in accordance with the plan documents, coordinating with service providers, and implementing critical compliance controls.
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