Many smaller companies simply don’t have the bandwidth to get them completed. The CEO of a ten-person company is most likely also the HR Manager, CFO, and buyer of office supplies.
An IRS plan audit uniquely focuses an employer’s mind on the core identity of its qualified retirement plan, which is that of a tax exempt organization, but one whose exemption (or “qualification”) requirements are far pickier than those applicable to one’s favorite charity.
Read about separating ERISA bonds from fiduciary liability insurance
TPA was held liable for breaching its fiduciary duty by not disclosing certain fees.