EMPLOYEE BENEFITS AUDIT

The audit will, at a minimum, identify all employee benefit plans and compliance with the laws governing employee benefits. More specifically:

Pension Benefit Plans

• inventory of all employee pension (retirement) benefit plans including defined benefit plans and defined contribution plans
  
  
• identify any obligations of the company to multi-employer plans
  
  
• review of plan and trust documents and IRS determination letters
  
  
• Form 5500 review
  
  
• analysis of company’s membership in a controlled group, treated as a single employer
  
  
• review of plans for prohibited transactions or reportable events
  
  
• review status of filing of annual reports and required disclosures to participants
  
  
• review fiduciary obligations regarding selection and monitoring of investment managers and investment policy guidelines
  
  
• review plan contracts with service providers including TPA’s, investment managers, insurers, etc.
  
  

Welfare Benefit Plans

• inventory of welfare benefit plans including medical and health plans, life insurance, disability, reimbursement plans, group insurance plans, dental insurance plans, retiree medical benefit plans, etc.
  
  
• review of plan documentation
  
  
• ensure compliance with reporting and disclosure obligations
  
  
• review summary plan descriptions for all plans
  
  

Non-qualified Plans

• review and inventory all executive compensation arrangements, non-qualified deferred compensation plans, equity-based compensation, etc. for compliance with Internal Revenue Code and reporting requirements

The audit can be tailored to meet the company’s needs but will provide at a minimum an inventory of plans and a checklist of compliance issues for reporting, disclosure, HIPPA, Cobra, etc. More in-depth analysis of design and plan qualification issues can be provided if requested and indicated. Effective participation by company personnel will ensure the audit will be completed in a cost-effective and efficient manner.

For further information, please contact:  Mike Mahoney