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INDIVIDUAL RETIREMENT ACCOUNT: The name says it all
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What to Have in Your Department of Labor (DOL) Audit File

When managing a qualified retirement plan, it is important to retain proper documentation that establishes compliance with the Employee Retirement Income Security Act of 1974 (ERISA). The following list contains various items that should be retained in what is oftentimes called a DOL Audit File. Although this list is intended to help you further your fiduciary compliance, it may not contain all necessary items. Please review this list, as well as your actual compliance files, with your corporate counsel.

Plan Documents

  • Plan Document
  • Plan Amendments and corresponding Resolutions
  • Summary Plan Description (SPD)
  • Summary of Material Modifications (SMM)
  • Trust Documents if applicable
  • Summary Annual Report
  • Evidence of Fidelity Bond Coverage (if applicable)
  • Fiduciary Liability Insurance Policy (if obtained)
  • Notice to plan participants that the Plan intends to comply with the requirements of 404(c) of ERISA (usually contained within the Summary Plan Description)

Service Agreements

  • With 401(k) Plan Platform
  • With Third Party Administrator (TPA)
  • With Financial Advisor

Participant Documents – may be retained in personnel file

  • Enrollment Forms – participants who choose not to defer, must also complete Enrollment
  • Forms upon becoming eligible for the plan.
  • Beneficiary Designations
  • Requests to Change Deferral Amount (in writing, or electronic)

Form 5500 series filing, including all applicable schedules

Records of Nondiscrimination Testing required for your plan type

Hefren-Tillotson Annual Fiduciary Review

  • Investment Policy Statement
  • Investment Performance Reporting
  • Plan Cost disclosure
  • Hefren-Tillotson Form ADV Part 2A

Hefren-Tillotson Annual Retirement Plan Scorecard

  • Participation Rates
  • Deferral Rates
  • Investment Performance Reporting
  • Plan Cost disclosure
DISCLAIMER: Past performance does not predict future results. This report is based on data obtained from sources we believe to be reliable. Hefren-Tillotson does not, nor any other party, guarantee the accuracy or completeness of this report or make any warranties regarding results obtained from its usage. All opinions and estimates included in this report constitute the firms judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation to buy or sell the securities herein mentioned.
Investment Advisory Team
Hefren-Tillotson

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Hefren-Tillotson Inc. is a leading diversified financial services firm providing investment and retirement plan management and comprehensive, financial planning through MASTERPLAN® for individuals and businesses. The firm’s wealth management services are administered by Certified Financial Planner (CFP) professionals, Chartered Financial Analyst (CFA) Charter holders, attorneys, Chartered Life Underwriters, and CPA/PFS’s. Hefren-Tillotson offers corporate services including 401(k) retirement planning, executive financial counseling, fiduciary reviews and workplace financial planning seminars. Founded in 1948, the firm is headquartered in Pittsburgh and has offices located in Pittsburgh, Butler, Greensburg, North Hills, and South Hills.