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 80 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.
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EBP SERVICES
- 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
IRS updates its Employee Plans Compliance Resolution System (EPCRS)
(authored by RSM US LLP) EPCRS is a summary of the rules that the IRS uses to assist employers in correcting retirement plan mistakes without disqualifying the plan.
Missing participants in a retirement plan
(authored by RSM US LLP) A retirement plan is required to maintain contact information for participants and beneficiaries who are owed a benefit under the plan.
Understanding revenue sharing
(authored by RSM US LLP) Learn the importance of discussing with a plan advisor how best to customize plan fees based on circumstance and available options.