Los Angeles partner Fred Reish was quoted in a Plan Adviser article titled, “Plans Subject to Many Types of Errors.”
The article discusses the different problems that occur when drafting and revising a 401k plan. The most common way of avoiding such errors is to work one-on-one and stay consistent with one’s adviser, auditor, and provider.
“In my experience, advisers and plan sponsors are not usually the people who discover the errors,” he says. “Most errors tend to be discovered when there is a change in service providers, third-party administrators or record-keepers, or through IRS audits.”