As an employer, benefit plans that you offer such as pension, health & welfare, and 401(k) plans, may each require annual audits along with your Form 5500 filing. Businesses with over 100 employees are often required to obtain audit reports, but they can be a sound practice for an organization of any size.
But companies that are flirting with the 100 employee mark need some special attention, too. For instance, it may be wise to implement strategies to help keep you under the threshold of 100 employees for as long as possible.
Organizations who trust PSK’s accounting, tax, and/or assurance services enjoy the convenience of our employee benefit plan audit services. We work with your plan sponsor, plan administrator or third-party service provider to organize and maintain the plan’s records, limiting the inconveniences posed on you in the audit process.
Your benefit plan audit helps to verify that:
- Plan assets are correctly valued.
- Employees’ obligations are clearly stated.
- Contributions to accounts have been received.
- All benefits and statements of accounts have been properly issued.
- Tax status is maintained.
- Any transactions not performed within the bounds of the Employee Retirement Income Security Act (ERISA) are identified.
If you have fewer than 100 employees and don’t need that audit, “plan check-up” services are still helpful. Be sure you have us look things over when switching plan administrators, periodically verify that your plan meets IRS regulations to stay qualified, or help straighten up record-keeping.
Periodic reviews of transactions recorded for hardship withdrawals, loans, and salary deferrals are also prudent. It can be costly to err in managing your plan because of stiff penalties. Let PSK help you assure your processes are working well to avoid problems.
Ask PSK to help ensure you continually meet Department of Labor (DOL) and IRS requirements of your tax-benefit packages. Contact us today to learn more.