Summit CPA Group has merged with Anders CPAs + Advisors! Visit our website to learn more about our 401(k) process and pricing: https://anderscpa.com/401k-audits/ 

“We always say that you can outsource the responsibility, but you can't outsource accountability. And you as the fiduciary are responsible. Even though you have hired this third party and you have a contract and everything else, you're still ultimately responsible for whatever happens. So, if something goes wrong and the money gets dispersed to the wrong person, you could be held liable.”

Topics discussed in this episode include:

• How failure to comply with ERISA, DOL or IRS compliance guidelines can result in hefty fines, legal action and even jail time for plan fiduciaries
• The importance of obtaining a fidelity bond, also known as an ERISA bond, even if a third-party administrator says it’s not necessary
• Discrimination testing best practices to ensure timely compliance so you can avoid paying excise taxes
• Why plan sponsors and administrators should regularly review plan distributions 

Episode resources

• Watch episodes of The 401(k) Audit CPA Success Show on YouTube.
• Learn more about the Anders 401(k) process and pricing.
• Email our Director and 401(k) Audit Practice Leader, Kim Moore, with questions.