Is Your 401(k) Plan Document File Ready for an Audit?
A fiduciary file checklist will help you to compile documents to keep your fiduciary audit file up-to-date and assist with periodic reviews of your retirement plan.
These documents should be readily at hand in the event that a DOL auditor shows up. This becomes easier if the advisor maintains an on-line filing cabinet for these and other plan documents that are also accessible to the plan sponsor.
Please note, this information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.