An annual filing of form 5500 is mandatory for retirement, health, and welfare benefit plans. Plans with over 100 participants at the beginning of the plan year are considered to be a “large plan.” An additional form, Schedule H, must be included when filing large plans, and an audit of the plan must be performed. Certain companies may be exempt from this requirement under the 80 – 120 Participant Rule.
Many companies do not have the experience or resources within their accounting and human resource departments to ensure that they are in compliance with the changing rules and regulations from the Internal Revenue Service and the Department of Labor. It is important for those companies to choose the right professional service firm for their retirement, health, and welfare benefit plans.
At HLBGC, our professionals thoroughly understand employee benefit plan audits and the complicated compliance requirements. We perform numerous benefit plan audits each year and have limited turnover, which means the same team of experienced professionals will likely perform your audit each year.
We value the communication process and continually provide excellence to clients requiring benefit plan audits. As part of the communication process, we emphasize clear planning and organization to help ensure a smooth audit process. We take the lead to coordinate all phases of the plan audit, including coordinating with other third-party advisors (record keepers, investment trustees, payroll servicers and actuaries).
To learn more about 401(k) audits and their applicability to your benefit plans, contact your HLBGC representative.