Managing your Plan involves a clear understanding of requirements, processes, and administration of the Plan. AFPlanServ® stands ready to guide and assist you with your Plan administration.
All account transactions - including distributions and loans - must be properly documented. Approval of each transaction cannot be based on information from only the participant.
The Internal Revenue Service audits all types of qualified plans. Employers should maintain policies and information to demonstrate compliance, if an audit occurs.
The IRS began Plan audits in 2010 and has since continued to audit Plans. There are a number of areas that you must be aware of in order for your Plan to remain in compliance.