This session will provide an overview of distributions and common errors in a defined contribution plan and will focus on the testing of distributions and plan expenses for the fundamentals track case study.
- Identify the various types of distributions (retirement, rollovers, hardships, loans, etc.), vesting and forfeitures, as well as the different forms of payment (lump sum, annuities)
- Recall the risk assessment of relevant assertions and the planned audit procedures of the case study
- Select sampling and testing procedures for distributions (including vesting and forfeitures), participant loans, and hardships utilizing examples from the fundamental track case study