The complex and constantly changing regulations that govern employee benefits plans (EBPs) can make navigating these plans a real challenge. Nationwide, CPAs audit more than 81,000 EBPs each year to see that the plans meet regulations. The US Department of Labor (DOL) reported in 2015 that nearly 40 percent of reviewed audits contained serious deficiencies that put the plan, and its beneficiaries, at risk. This is why working with an accounting firm with deep industry experience is critically important.
The LaPorte Employee Benefit Plan Services Group audits more than 100 plans annually across a broad range of industries, including plans with up to 4,000 employees and assets worth up to $200 million. Additionally, our team members stay up to date on regulatory and legislative developments through EBP-specific continuing professional education. As a member of the AICPA Employee Benefit Plan Audit Quality Center, LaPorte is equipped with the tools and knowledge to perform an EBP audit that meets the standards imposed by the DOL.
Beyond these strong qualifications, LaPorte also provides guidance on other EBP-related matters, including plan sponsor fiduciary duties, timely remittance of participant deferrals, and internal control and operational improvements. We’re also proud to offer Lunch and Learn sessions to educate plan sponsors about emerging topics affecting the EBP industry.
At LaPorte, we want to help you improve the accuracy and administrative efficiency of your plans and to have the confidence of knowing they meet fiduciary responsibilities to plan participants and comply with DOL regulations.
- Audits of employee benefit plans: (401(k), 403(b), defined benefit, health and welfare, employee stock ownership plan (ESOP)
- Preparation of Form 5500
- Assistance with correcting plan operational errors
- EBP checkup (for plans under 100 employees)
LAPORTE EMPLOYEE BENEFIT PLAN AUDIT SERVICES OVERVIEW
Tax-advantaged health reimbursement arrangement for employees
Health reimbursement arrangements (HRAs) allow employers to pay employees’ medical expenses on a tax-free basis.
Required minimum distributions after SECURE 2.0
(authored by RSM US LLP) SECURE 2.0 changes the rules governing how and when certain retirement savers can withdraw money from their retirement accounts and IRAs.
Retirement plan changes for long-term, part-time employees
(authored by RSM US LLP) SECURE 2.0 changes the rules for how long-term, part-time employees are treated for purposes of 401(k) and 403(b) retirement plans.