The U. S. Department of Labor suggests that one of the most common reasons for poor audits is the provider's lack of employee benefit plan audit experience.
- Read our 2022 Employee Benefit Plans Update
IN THIS ISSUE –
- 401(k) Plan Investment Options: Cryptocurrencies
- Retirement Plan Amendment Deadlines Extended
- Update on Pooled Employer Plans (PEPs)
- Offering Retirement Plans to Long-Term Part-Time Employees
- IRS 90-Day Pre-Examination Compliance Pilot for Retirement Plans
- SECURE Act 2.0 – What You Need to Know
- Services to help management remain compliant, while focusing on operational goals.
Stay in compliance and reduce your risks
The United States Department of Labor (DOL) is charged with overseeing employee benefit plans (EBP). The DOL indicates that one of the most common reasons for poor audits is the provider’s lack of employee benefit plan audit experience. Substandard audits could lead to civil violations to the fiduciaries of the plan. If you are managing the plan and its assets, then you are a fiduciary of the plan. Are you receiving a quality audit? Ask yourself the following questions:
- Has your auditor found any operational defects where the plan is not operating in accordance with the plan document?
- Have you received recommendations from your auditor for improving plan processes to ensure compliance?
- Is your plan auditor notifying you of new developments from the DOL or Internal Revenue Service regarding your plan?
- Do you know how many other benefit plans they audit and if they have the necessary experience to adequately advise you?
A quality audit performed by an experienced EBP audit team will give you insight to the risks of your plan and its processes and how to reduce that risk. That will help protect the assets and the financial integrity of your employee benefit plan and ensure that the necessary funds will be available to pay retirement, health, and other promised benefits to your employees. A quality audit also will help you carry out your legal responsibility to file a complete and accurate annual return/report for your plan each year.
Dopkins has unmatched experience in providing employee benefit plan services; we
- serve over 40 clients requiring over 70 employee benefit plan audits.
- audit plans with assets ranging from $2 million to $400 million and up to 7,500 participants.
- attend nationally sponsored training seminars on an annual basis, including the AICPA Employee Benefit Plans Conference.
- are members of the AICPA Employee Benefit Plan Audit Quality Center.
- include our Tax Advisory Group EBP specialists on every engagement.
Our team has experience in auditing and preparing U.S. Form 5500 for a variety of employee benefit plans including:
- Defined Contribution Plans (401(K), 403(b))
- Defined Benefit Pension Plans
- Employee Stock Ownership Plans (ESOP)
- Health and Welfare Plans
- Union (multi-employer) Pension Plans
- Money-purchase Plans
In addition, we also provide other services related to employee benefit plans
- Assistance with audits from the IRS and DOL
- Structuring employee benefit plans to meet optimal desired goals
- Dopkins Wealth Management, LLC provides investment management and consulting services