The role of a plan administrator comes with great responsibility as the complexity of employee benefit plans requires businesses to follow extensive accounting and regulation changes that may impact benefit plans. With the passing of the Employee Retirement Income Security Act of 1974 (ERISA), the Federal law established reporting and disclosure standards for employee benefit plans. The ability to partner with a trusted advisor to ensure compliance with Federal regulations is more important than ever.
Withum’s Employee Benefits Plan Services Team offers assistance with a variety of employee benefit and pension plan accounting, audit, tax and advisory services. Companies choose Withum for our experience and expertise with employee benefit plan audits, providing accounting and auditing services to new and established 401(k), 403(b), employee stock ownership plans (ESOP), pension, profit sharing and health and welfare plans ranging in size and scope from 100 to 500,000 participants. We’re able to effectively address your needs in an efficient manner through our diverse plan experience based on size and type, and our relationships with a wide variety of custodians and third-party administrators (TPAs). This creates an approach that is cost-effective and maintains timely compliance.
Our background and expertise allow us to understand the critical issues impacting the industry and help you achieve your plan objectives. A consistent, focused approach results in less delays and more value for your business.
A consistent, focused approach results in less delays and more value for your business.
Today’s 401(k), 403(b) and other defined-contribution plans face many challenges for compliance with rules established by ERISA and the U.S. Department of Labor (DOL). A company’s failure to meet DOL compliance requirements could result in significant penalties. Further, certain plans of publicly traded companies have an increased requirement to file their financial statements with the Securities and Exchange Commission (SEC).
Withum’s approach helps companies meet their audit requirements in an efficient and compliant manner. Aside from the typical audit of a plan’s financial statements, our Employee Benefit Plan team members review the requirements in a holistic manner, including reviews of audit engagement requirements such as:
Defined benefit plans must meet many requirements for compliance with rules established by the U.S. Department of Labor (DOL). A company’s failure to meet these DOL compliance requirements could result in significant penalties. Further, companies need to consider the cash flow requirements related to funding this type of plan.
Withum’s team can assist with eliminating potential costly penalties and ensure both accurate and timely reporting. Through our experience with defined benefit plans, our Employee Benefit Plan Service Team has found that utilizing an educational approach helps businesses improve their internal controls associated with defined benefit plans. Aside from the typical audit of a plan’s financial statements, our team also provides observations regarding controls and reviews and other matters. Results such as these observations, along with any other relevant findings, are discussed with appropriate management with timeliness and insight. These proactive discussions assist management in achieving better oversight of their plans, and in the long run, provide value to the business.
There are many factors that contribute to the cost of an Employee Benefit Plan Audit. For a personalized price estimate for your Employee Benefit Plan Audit, contact a member of our EBP team.
Rules and regulations change on a regular basis – and to stay on top of those changes, our specialists stay current on their knowledge of regulatory changes and fiduciary issues impacting clients through intense annual training sessions. In order to conduct our plan audits, team members attend vigorous training including sessions focused on new industry developments affecting the employee benefit plan industry and reinforcement of any new regulatory changes that occur. The combination of extensive staff training and focused communications of new developments within the employee benefit and pension place space ensures that each team member has the requisite training to perform quality employee benefit plan audits.
Withum’s Employee Benefit Plan Services team is an active member of national centers of influence and registered with the following oversight boards.
This comment is among the most common findings cited in ERISA audits each year. While meeting minutes are often viewed simply as a record of plan changes or updates, their importance goes far beyond documentation. Properly maintained meeting minutes provide clear evidence that a plan sponsor is fulfilling its fiduciary responsibilities by reviewing key plan…
Artificial intelligence is transforming the healthcare claims ecosystem. Providers are using AI-driven tools to accelerate billing, automate coding, and optimize revenue-cycle management. Simultaneously, third-party administrators (TPAs) and insurance carriers are integrating AI into claims adjudication and operations to manage increasing claim volumes. For plan sponsors, the issue is less about the use of AI itself…
Effective internal controls are not one-size-fits-all. They must be tailored to the specific risks faced by an organization. For employee benefit plans (EBPs) and labor organizations, this means aligning control activities with operational, financial and compliance risks that are unique to their environments. A structured framework, such as the COSO model, which is an internal…
For more information or to discuss your business needs, please connect with a member of our team.