Since August 9, lawsuits have been filed against 9 different universities for various ERISA claims. For about ten years, 401k litigation has been going on and now eager lawyers are extending it over to 403b plans. Columbia, Emory, MIT, NYU, Yale, Duke, Johns Hopkins, UPenn, and Vanderbilt now find themselves forced to defend the management of their 403(b) plans in court. Could you be next?
Serving as the administrator of a 403(b) plan is no simple task, and auditing is just one of the many complex duties required. An audit can help ensure the correct amount of money will be available to pay the benefits to the participants while simultaneously keeping the plan sponsor honest regarding the finances of the company.
Since the auditing changes regarding 403(b) plans changed in 2009, it is essential for plan sponsors to know what to look for when selecting an independent auditor for their retirement plan. Once you understand whether or not your retirement plan requires an audit and what type of audit is most appropriate for your situation, it’s time to find an auditing firm that meets your needs. It’s important to select a trustworthy and experienced audit firm.