As an employer, benefit plans that you offer such as 401(k), 403(b), health & welfare, and pension plans may each require annual audits along with your Form 5500 filing. Organizations with over 100 employees are often required to obtain audit reports, but they can be a sound practice for an entity of any size.
Organizations that are flirting with the 100 employee mark need some special attention as well. For instance, it may be wise to implement strategies to help keep you under the threshold of 100 employees for as long as possible.
Imagine being able to focus on your day-to-day activities related to running and growing your business instead of worrying about your benefit plan audit. Allow PSK to work with your plan sponsor, plan administrator, and third-party service providers to organize and maintain the plan’s records, limiting the inconveniences placed on you during the audit process.
Your employee benefit plan audit helps to verify that:
- Employee and employer contributions have been remitted timely
- Plan assets are accurately valued
- Tax-exempt status of the Plan has been maintained
- Plan documents have been properly amended for new rules and regulations
- Employees’ obligations are clearly stated
- Participant accounts are properly reflected based on current year activities
- Plan is operating in accordance with Department of Labor (DOL) and IRS requirements
- Fiduciary responsibilities are being met in accordance with the Employee Retirement Income Security Act (ERISA)