Several events can trigger a DOL or IRS audit, such as employee complaints or self-reporting under the annual submission of the Form 5500. Often times an audit is a random event, which is why you should always be prepared. Listed below are several key items typically requested in an initial letter sent by the IRS or the DOL in connection with a retirement plan audit. These items should be readily accessible by the plan administrator at all times the plan is in operation.
- Plan document and all amendments
- Summary plan description
- Investment policy statement
- Copy of the most recent determination letter
- Copies of Forms 5500 and all schedules
- Plan’s correspondence files (including meeting minutes)
- Plan’s investment analyses
- ADP and ACP testing results
- Most recent account statements for participants and beneficiaries
- Contribution summary reports (i.e., evidence of receipt of these monies by the plan’s trust)
- Loan application, amortization/repayment schedule (for all loans)
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