Employee benefit plans are under a microscope, primarily by two parties: employees and regulators.
First, the employee workforce for whom the plan is provided wants to know that the employer sponsor and plan trustee—who has a fiduciary duty to handle the plan’s activities in accordance with plan documents and legal requirements—are taking their responsibilities seriously. Why is a well-managed plan important to employees of all levels? Because that determines the investment of plan funds, the provision of reasonable investment choices for participants, and the plan’s compliance with all applicable rules and regulations. Plus, between increases in regulations that are applicable to benefit plans and the high error and/or non-compliance rates in plans of all sizes, plan activities are constantly being observed and reviewed.
Secondly, due to these laws and regulations, benefit plans are a major concern for regulatory authorities such as the IRS and the DOL. Statistical data supports the fact that, in order to avoid errors, effective plan auditors should be heavily experienced and knowledgeable specifically in the complex world of benefit plans. It is critical that your benefit plan auditor understands the intricacies of plan management and function—whether it’s a retirement plan, health and welfare plan, or another benefit plan type.
CRI is in the top 2% of plan auditors in the United States based on the annual number of benefit plan audits performed, proving our commitment to high quality work within this specialized segment of auditing. So ask CRI’s benefit plan audit team for assistance with the science behind these plans.