Retirement Plan Audit Services

Each year, retirement plans face a rising level of scrutiny from the United States Department of Labor (“DOL”). A thorough understanding of the DOL, Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Service (“IRS”) tax code regulations are key to the continued successful operation of a company’s retirement plan. From the annual filing of the form 5500, to consideration of the number of participants in a company’s retirement plan and the impact that has on small vs. large plan filers, a company should ensure they are meeting all of the latest compliance requirements and proactively addressing their existing plan’s organization and administration.

Retirement plans with over 100 participants at the beginning of the plan year are required to file as a large plan, include a Schedule H with their annual 5500 form filing, and are also subject to annual audit requirements by an independent public accounting firm. There are certain exemptions from these requirements available to companies, such as the “80-120 Participant Rule”. Often companies do not have the experience or resources internally to ensure they are in compliance and fully understand the changing rules and regulations from the DOL and IRS. The importance for these companies to choose the right professional service firm that understands the intricacies of these requirements and exemptions continues to rise in the heavily scrutinized regulatory environment of these plans.

At HLB Gross Collins, P.C., our professionals have a thorough understanding of employee benefit plans and the complicated compliance requirements, bringing over forty years of expertise to companies. We value and place emphasis on proactive communications throughout our employee benefit plan audits process, as well as throughout the year, in ongoing efforts to provide education and assistance to companies ensuring their retirement plans meet the latest compliance requirements and fulfill the necessary obligations to the plans’ participants annually. As a part of our communications process, we emphasize clear planning and organization to ensure a smooth audit process. We take the lead to coordinate all phases of the plan audit, including coordination with other third-party advisors (record keepers, investment trustees, payroll servicers and actuaries), and timely delivery of the audit and final filing of the accompanying form 5500.

Our goal at HLB Gross Collins, P.C. is to provide the highest quality services, education and timely results to meet your retirement plan needs. Our team of professionals strives to exceed your expectations in providing our specialized expertise and in-depth technical insight and knowledge.