401(k) Audits
Audits are a necessary part of doing business!
One of the most effective recruitment and retention tools today is any kind of employee benefit plan!
Many of these plans include a retirement benefit component like a 401K plan. If that plan meets certain criteria as established by the IRS, you must have your plan audited. Audits are required for the majority of retirement plans in excess of one hundred active participants at the beginning of any plan year. (The definition of an active participant includes employees who are eligible, regardless of whether they elect to contribute.)
Audit reports for these plans must accompany IRS Form 5500. There are also supplemental schedules and specific reporting required by ERISA, DOL and Generally Accepted Accounting Principles. These rules make the area of retirement plan audits very complex.
In reality, it’s peace of mind for both the employer and employees that makes auditing the plan worthwhile. Detweiler, Hershey & Associates understands the complexities of pension plan auditing. Our service takes the worry out of your requirements.
Detweiler, Hershey & Associates make it easy!