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Staying out of the Ditch: Keeping Your 401(k) Plan out of Trouble – Financial, Plan Operational and Audit Considerations



Tuesday, July 31, 2012
Product Code - LGN43
Speaker(s): Kay Cooper, Habif, Arogeti & Wynne, LLP; Bert Carmody, MillenniuM Investment and Retirement Advisors, LLC
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The faculty for this program will address the common financial and audit topics that can get 401(k) defined contribution plans into trouble. For several years, auditing 401(k) plans has been a known practice, but with the new fee disclosure regulations and increased Department of Labor (DOL) enforcement, the audit of a 401(k) plan takes center stage for the plan sponsor. The quality of work by the accounting firm also comes into sharp focus.

There remains considerable confusion over full-scope and limited-scope audits, and the speakers will discuss each and where each one applies. The presentation will highlight 10 key areas where plans run into trouble both from an audit perspective and from a plan operations perspective. Attendees will be able to better identify areas where problems can occur and what to do about them.

Educational Objectives:

• Understand the financial and audit environment and risks that can occur.
• Highlight the new pressures on plan administration and the audits of them.
• Better distinguish between limited- and full-scope audits.
• Identify the 10 key problem areas and recommended prevention actions.

Who would benefit from attending this program?

• In-house accounting staff of companies that sponsor retirement plans
• External audit staff
• In-house counsel who oversee retirement plans
• CFOs and controllers who oversee plans
• Benefit persons who work on plans
• Benefit consultants and compliance staff who advise to 401(k) plans

Program Level: Intermediate

Credit Available: CLE. For more information, please click on the “CLE Credit” tab.

Kay Cooper, Habif, Arogeti & Wynne, LLP; Bert Carmody, MillenniuM Investment and Retirement Advisors, LLC

Kay Cooper, Habif, Arogeti & Wynne, LLP
Kay Cooper is a senior audit manager with Habif, Arogeti & Wynne, LLP, and specializes in employee benefit plan audits and forensic/fraud accounting. She has directed accounting and auditing engagements for retailers, real estate companies and retirement plans. Applying her accounting and investigative skills, she has also assisted a number of entities with forensic accounting investigations.

Ms. Cooper is a Certified Public Accountant (CPA) in Georgia, a Certified Fraud Examiner (CFE) and a Certified Internal Auditor (CIA). She earned her Bachelor’s degree in Business Administration from Auburn University. She is recognized in the National Register’s Who’s Who in Executives and Professionals. Ms. Cooper is also a member of the following industry organizations:

• American Institute of Certified Public Accountants
• Georgia Society of Certified Public Accountants
• American College of Forensic Examiners, Member
• American Board of Forensic Accounting, Diplomat
• Association of Certified Fraud Examiners
• Institute of Certified Internal Auditors

Bert Carmody, MillenniuM Investment and Retirement Advisors, LLC
Bert Carmody is an investment principal for MillenniuM Investment and Retirement Advisors, LLC (MIRA) as well as being the Principal for a sister firm, Southeastern Fiduciary Services, LLC (SFS). Mr. Carmody provides investment advisory and consulting assistance under MIRA, and under SFS provides non-investment plan related services including company stock trustee, participant education fiduciary, board/committee trainer, vendor search fiduciary, expert witness in plan related litigation and performs comprehensive fiduciary duty examinations.

Mr. Carmody earned a B.A. from George Mason University and an M.B.A. from George Washington University. He is a Certified Public Accountant in Georgia. He is a Certified Investment Management Consultant (CIMC®) holds the Accredited Investment Fiduciary (AIF®) designation. He serves as a Steering Committee member in the Southern Employee Benefits Conference and the Investment Management Consultants Association (IMCA). Mr. Carmody has testified to the U.S. Department of Labor over fee disclosure and advisor disclosure regulations. He has presented to national meetings of the AICPA, IMCA, the National Employee Ownership Organization (NCEO) and the Society of Professional Administrators and Recordkeepers (SPARK) as well as to regional and local professional groups.

This program is CLE-credit eligible.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the Legal and Business CLE Accreditation Coordinator.

Hardship Policy
Bloomberg BNA offers a hardship policy for any attorney earning less than $30,000 per year. If an attorney wishes to take advantage of this option, he or she must do so in writing and also provide proof of hardship. If approval is granted, a discount of 50% off the full registration price of the program will be awarded.

Questions
For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at http://www.abanet.org/cle/mandatory.html.