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      What information is missing from the Empower workpapers?

      This article summarizes information that is missing from each of the Empower workpapers in detail.

      • Contribution Allocation Testing:
        • The input report does not include the percent elected for allocation, so this information is blank in the AuditMiner workpaper for Empower.  
      • Distribution Package  
        • The input report does not break out taxes between state and federal taxes and therefore the Testing tab shows the combined tax withholding amount and percent.  
        • When vesting is 0%, the fees are taken out first, and the rest of the employer contribution is forfeited.  
        • Loan Defaults is not included in the input report and will need to be obtained from the Deemed Distributed Loans section of the Empower Audit Package. 
      • Investment Disclosure Support 
        • Investment balances include forfeitures and as such do not agree to the Participant Activity Detail ending balance. 
      •  Loan Package
        • The input report does not include the beginning loan balance, principal repaid, interest, unpaid accrued interest, or loan defaults. The auditor will need to populate these amounts for a complete roll forward on the population tab.  Additional loan information can typically be obtained from the Empower Loan Summary - Financial Info – Account Reduction Loans section (audit package). 
      • Plan Analytics
        • Investment amounts in the analytics do not include the forfeiture balance. 
        • Non-Payroll Deposits, such as in-kind conversions, revenue credits, conversions, and forfeiture reallocations, are included in the Employee and Employer Contribution amounts, as these amounts are included in the Participant Activity Detail contribution amounts. This may need to be factored into the expectation of the analytic.  
      •  Rollovers Package
        • AuditMiner is missing the rollover date, participant elected allocation percent, and the qualified institution the check was received from as this information is not provided in the Empower input report.  The auditor will need to obtain this information from the audit package if deemed necessary.