Plan fiduciaries are more vulnerable than ever on a lot of legal and regulatory fronts, including the financial statements included with their 5500 filings. In an era when 5500 forms and their attachments quickly enter the public domain online via E-fast 2, available to anyone -- including an enlarged army of DOL inspectors hunting for anomalies, “fiduciaries need to be on the top of their game,” warns Dave Dacey, CPA, a partner with the WithumSmith+Brown and leader of the firm’s Employee Benefit & Pension Plans Group.
But there are a few potential trouble spots that can be checked immediately before doing a deeper dive into all of the possible financial reporting errors that can occur, he says. He described what he calls the “low-hanging fruit” in a recent letter communication to retirement plan clients.
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