Proposed changes to Form 5500 filing requirements are being made in an effort to standardize benefit plan reporting. Learn how it could affect your company.
While the annual audit of your employee benefits plan may feel like a burden to take on, knowing that your company is adhering to the intended benefit plan is valuable and reassuring. If you do have any problem areas, identifying and correcting them now will save you bigger problems in the future.
Employee benefit plan management teams are decreasing their amount of required paperwork as they now provide information to third-party service providers through, in some instances, entirely electronic means. However, benefit plan sponsors must be cautious as the IRS does not support one of the new online certification practices.
As you prepare for your first audit, there are certain things you can do to make the process less cumbersome and costly. It’s a good idea to work closely with your auditor from the start to plan the audit.
If your employee benefit plan requires an audit, one of your most important actions is to hire an independent and qualified public accountant. The choice of an auditor should be made with the same attention and care you give to selecting any other individual or entity that provides services to your company.
As “Fiduciary Responsibility” increasingly gains the public’s attention, plan sponsors must become more aware of their own responsibilities that are established by the Employee Retirement Income Security Act (ERISA). Here are some questions that plan sponsors need to consider as they re-evaluate the responsibilities their positions entail.
It’s useful to bear in mind that a benefit plan is considered a separate entity from your business. A quality audit helps you carry out your company’s responsibility to file a comprehensive and accurate annual return for each plan each calendar year.
With few exceptions, the Employee Retirement Income Security Act (ERISA) requires any company with more than 100 eligible employees to complete and submit audited financial statements annually as part of its obligation to file an annual return (IRS Form 5500 Series).
If your company has a benefit plan such as a 401(k) with 100 or more eligible participants, each year you are required to have an audit performed on that plan that is filed with the IRS and the Department of Labor (DOL). Failing to do so could mean major penalties for your business. What often […]
This month's issue of Employee Benefit Plan Commentator includes the following articles: Final Fee Disclosure Regulation Issued 408(b)(2) Final Regulation- Reall it's Final There's More to Come – Participation Disclosures Remember your Fiduciary Responsibilities Final Fee Disclosure Regulation Issued In the Fall 2011 Edition of the EBP Commentator, we helped navigate you through the new […]