The U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) have begun to look at employee benefit plans with more and more scrutiny. Even the smallest plans have to meet stringent reporting and record-keeping requirements. While you may have hired a Third-party administrator (TPA) to assist in the day-to-day operations of the plan, it’s still very important that you, as the sponsor of the plan, understand and appreciate your role.

We like to treat the audit as not only meeting the regulatory requirements set forth, but also as an educational tool for you and your payroll department. There can be many pitfalls related to employee benefit plans. Let us help you navigate the process, along with your broker/TPA, to ensure that your plan is operated in a manner that not only re-enforces your employees’ reliability in the information, but also helps you meet your responsibilities as a fiduciary, or guardian, of those plan assets.