Saving for retirement can be challenging when many other expenses are pulling at a typical family budget. This is why 401(k)s and other employer-sponsored ways to increase savings are so popular with employees. Since there is a deep level of trust involved in these types of accounts, they are also highly regulated by the Department of Labor (DOL) and must comply with the Employee Retirement Income Security Act (ERISA) or face steep penalties.
Are you remitting employees’ deferrals on a timely basis? Can you prove you are operating in accordance with plan documents? Do you have instances of miscalculating vesting and employee distributions? Are you properly overseeing your plan’s third-party administrator? Are you offering all qualified employees the opportunity to participate equally and in a timely manner?
While it is the sponsor’s fiduciary responsibility to ensure the plan and assets are managed properly, BeachFleischman can help with the oversight. Our professionals work efficiently with minimal business disruption to the sponsor to identify red flags and verify compliance. We will provide the sponsor with guidance and best practices if corrections are needed to help protect the plan assets and minimize risk.
BeachFleischman is a member of the AICPA Employee Benefit Plan Audit Quality Center. Our accounting and assurance professionals receive specialized training on the unique challenges related to auditing retirement plans. We also stay current on the auditing and reporting guidance provided by the AICPA and other regulators.
Employee Benefit Plans We Audit
- 401(k) plans
- 403(b) plans
- Employee Stock Ownership Plans (ESOP)
- Pension and other defined benefit plans