You will appreciate our experience when it comes to your first 403(b) audit
The Form 5500 has been revised, requiring written plan documents for all plans and audits of plans that are subject to ERISA, including 403(b) plans. Compliance with these requirements can be challenging.
You can depend on Plante Moran professionals to help you work through the process. Our employee benefit plan consultants have the right mix of skills and years of experience working with tax-deferred retirement plans.
Where to Start?
If you have more than 100 eligible participants for ERISA purposes at the beginning of the plan year, your plan could be subject to audit. Eligible participants include all employees eligible to participate, (not just employees participating in the plan but all employees eligible to participate in the plan), and former employees/beneficiaries with balances remaining in the plan. Plante Moran has designed a planning tool to assist you in determining whether you may be subject to an audit and to provide you with some key information that you will need to review prior to the plan being audited.
We’ll cover the issues important to you
As the plan sponsor, you can be assured that our employee benefit plan audit specialists will cover issues emphasized by the Department of Labor (DOL). We audited nearly 1,000 plans last year and we understand the importance of having expertise in this highly regulated area.
For timely resolutions to issues, we can draw on long-term, professional relationships with the DOL, the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC).
Because we’re one of the nation’s largest accounting, tax, and management consulting firms, we also have relationships with most of the large investment, insurance, and record-keeping companies, banks, and actuarial firms. This allows us to efficiently secure necessary audit information.
Employee benefit plans are a focus area for our firm. You will notice the difference when we put our experience to work for you!
A few questions can help 403(b) plans sponsors determine whether their plans may be subject to audits. Also included are some helpful hints on gathering the necessary information.