With the New Year just beginning, now is a good time to review your policies, procedures and internal controls for your retirement plan. Having strong internal controls and documenting policies/procedures is important to ensure you are operating your plan properly; as well as detect and prevent errors.
Below are some guidelines to assess your policies, procedures and internal controls:
For a more comprehensive list of questions visit www.irs.gov/Retirement-Plans/Policies,-Procedures-and-Internal-Controls-Self-Audit. As the old saying goes: “An ounce of prevention is worth a pound of cure.”