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SECURE ACT 2.0 was enacted in late 2022 and is aimed to help taxpayers bolster their retirement savings and help strengthen long‐term financial security. The bill includes many provisions to make it easier for small businesses to offer retirement savings plans and provides benefits to offset costs associated with establishing one. Many of the provisions will become effective at different times.
Some of these provisions may have a more significant effect on annual employee benefit plan (EBP) audits than others, and employers should be aware of how the provisions may impact their annual edit. Plan administrators and sponsors should monitor the following items to ensure compliance and alter plans accordingly:
Employee benefit plan audit best practices
In addition to the ongoing SECURE 2.0 Act changes, plan administrators and plan sponsors should be aware of the best practices for employee benefit plan audits. Our employee benefit plan audit specialists shared the following overview of EBP audit best practices:
This list includes some of the most basic best practices, and each will vary depending on your business, but this is a good summary of things to focus on when preparing for an EBP audit.
Members of our National Employee Benefit Plan Practice recently presented on SECURE 2.0 Act updates and EBP audit best practices, and more information on any of the SECURE 2.0 provisions or best practices is available by accessing the presentation recording.
Our national practice assists clients with plans of all sizes. Fill out the form on this page to connect with a member of our practice to discuss your employee benefits plan offerings or employee benefit plan audits.
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