Employee Benefit Plan Services in Chicago, IL
Retirement & benefit plan services are crucial for rewarding current employees for their service while also recruiting new talent. An employee benefit plan audit is a necessary part of that, making sure everything is lined up right to work out well for your business and your team while staying aligned with government rules and regulations. Let our team at Susan Lewis CPA help!
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Chicago Employee Benefits Consulting: Maximizing the Value of Your Benefits Program
Navigating the complexities of employee benefit plans and conducting 401(k) audits can be tricky. Our professional employee benefit plan audit services in Chicago provide you with the expertise, guidance, and resources to optimize your benefits program. We assist in designing comprehensive benefit plans tailored to your organization's needs, ensuring compliance, maximizing cost-effectiveness, and fostering employee satisfaction. Our team of consultants keeps abreast of regulatory changes, conducts full-scope audits, and offers strategic recommendations to enhance your benefits program and fulfill your fiduciary responsibilities.
With professional employee benefits consulting at Lewis CPA, you can feel confident that your benefits program is aligned with best practices, compliant with regulations, and positioned to attract, retain, and engage the top talent you're seeking. Let us be your trusted partner in maximizing the value and impact of your employee benefit plans.
What Is an Employee Benefit Plan Audit, and Why Is It Important?
An Employee Benefit Plan (EBP) audit is a specialized type of financial audit we conduct that focuses on examining employee benefit plans, including retirement plans (e.g., 401(k)), pension plans, health insurance plans, and other welfare benefit plans. This audit ensures that these plans are administered in accordance with regulations set forth by regulatory bodies such as the Department of Labor (DOL), the Internal Revenue Service (IRS), and the Securities and Exchange Commission (SEC). It includes a meticulous review of the Form 5500 filings.
Below are a few of the advantages of conducting an Employee Benefit Plan (EBP) audit:
Ensures Compliance
An EBP audit helps ensure that your organization's benefit plans are being administered in compliance with the regulations and requirements set forth by ERISA (Employee Retirement Income Security Act of 1974) and other applicable laws.
Identifies Control Weaknesses
The audit identifies any weaknesses or deficiencies in internal controls and plan administration, allowing you to address them promptly and mitigate potential risks.
Provides Assurance
An EBP audit provides assurance to plan sponsors, participants, and regulatory authorities that the plan's financial statements are reliable, accurate, and in compliance with the relevant regulations.
Protects Participants' Interests
By conducting an EBP audit, you demonstrate your commitment to protecting the interests of plan participants and ensuring the proper management of their retirement and welfare benefits.
Enhances Plan Governance
The audit evaluates the effectiveness of plan governance structures, policies, and procedures, helping you enhance your overall plan management and administration.
Supports Fiduciary Responsibility
An EBP audit assists plan fiduciaries in fulfilling their fiduciary responsibilities by evaluating the plan's financial transactions, adherence to ERISA guidelines, and proper oversight.
Promotes Transparency
The audit process promotes transparency and accountability by providing an independent assessment of your organization's benefit plans, ensuring that participants have access to reliable information.
Improves Plan Efficiency
Through the audit process, you can identify areas where operational efficiency can be improved, allowing you to streamline processes, reduce costs, and enhance the overall effectiveness of the benefit plans.
Our Employee Benefit Plan Audits and Services
Our team of certified public accountants can offer your business plenty of help with retirement and employee benefit plan services. We've worked with businesses of small and medium sizes for plans ranging from a few participants to thousands. Count on us for a variety of different services to suit your company's needs.
401(k) Plans Audit
If you want to take advantage of one of the most popular retirement investment options that employees love, then we're the 401k CPA firm in Chicago for you. Employees who use this option get to defer taxes on funds they contribute to a variety of investment portfolios that help them prepare for later in life.
403(b) Plans Audit
Nonprofits and various professional careers qualify for these instead of 401(k) plans, but the rules and oversight are very similar. Make sure your organization is compliant with the current rules and practices.
ERISA Audit Services
Our Chicago ERISA audit services provide comprehensive assessments of your organization's employee benefit plans to ensure compliance with the Employee Retirement Income Security Act (ERISA) regulations. We specialize in conducting thorough audits that evaluate plan administration, financial statements, and adherence to fiduciary responsibilities.
Retirement Planning Services
Defined contribution plans, such as the 401(k) and 403(b) options, face regulatory compliance challenges in many cases. Failing to be compliant can result in serious penalties, and a pension plan has its own set of rules to follow. Our approach helps you meet audit requirements with ease and efficiency.
Defined Benefit Plan Services
Defined benefit plans commonly let older participants generate sizable retirement assets in a short time frame. These work well for small business owners or sole proprietors who need bigger deductions past the limitations of profit-sharing plans. Cross-tested plans let employers decide the contribution levels for particular groups of employees, such as single- and multi-employer benefit plans.
Profit-Sharing and Employee Stock Ownership Plans
Empower your employees by integrating profit-sharing and ESOPs that provide them a direct stake in the company's success. Our team ensures these plans are set up and maintained effectively, fostering engagement and retention while adhering to legal standards. Let us help you build a motivated and committed workforce.
Health and Welfare Plans
We provide comprehensive audit and consulting services for health and welfare plans, ensuring they meet regulatory standards and serve the best interests of your employees. From benefit design to compliance with Affordable Care Act regulations, our expertise helps your business offer superior health and welfare benefits.
Facing the IRS can be daunting. Our experienced CPAs represent your company with professionalism and rigor, handling audits, resolving disputes, and negotiating issues related to employee benefit plans. Count on Lewis.cpa to protect your interests and achieve the best possible outcomes with the IRS.
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Entrust Your Employee Benefits to Capable Hands
We know your needs and our experts at Lewis CPA will be happy to help you with employee benefit plan services.
Contact Us!Tailored Employee Benefit Plan Audit Services for Businesses
We offer customized audit solutions for employee benefit plans across various Chicago industries, ensuring compliance and precision.
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Operating a retail business is challenging enough without the complexities of employee benefit plans. Allow our employee benefits CPAs to take the helm, so you can focus on your retail operations with peace of mind.
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Law firms face a myriad of details daily. Our specialized advisory services for employee benefit plans can streamline your processes to ensure your firm is compliant while freeing up your time to focus on client representation.
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At Lewis.cpa, we understand the unique needs of the construction sector. Our team delivers robust employee benefit plan auditing and advisory, tailored to support the dynamic nature of construction businesses.
In the healthcare industry, your priority is patient care. Entrust your employee benefit plans to Lewis.cpa. We provide comprehensive retirement plan services and auditing to ensure your benefit programs run smoothly.
Employee Benefit Plan Audit Process
During an Employee Benefit Plan (EBP) audit, several key steps are involved to assess the plan's compliance, financial statements, and overall operations. Here's an overview of what happens during an EBP audit:
Engagement Planning
The auditor and plan sponsor/administrator discuss the audit scope, timelines, and key areas of focus.
Risk Assessment
The auditor identifies risks related to non-compliance and material misstatements in financial statements.
Internal Control Evaluation
The auditor assesses the design and effectiveness of internal controls.
Testing and Substantive Procedures
The auditor performs detailed testing on transactions, account balances, and other data.
Compliance Testing
The auditor verifies compliance with ERISA, tax regulations, and other applicable laws.
Financial Statement Audit
The auditor reviews the plan's financial statements and related footnotes.
Audit Report
The auditor prepares a report with an opinion on the fairness of financial statements and compliance.
Communication and Follow-Up
The auditor discusses findings, addresses concerns, and provides recommendations.
Why Choose Us for Your Employee Benefit Plan Audits?
Working with Lewis CPA has plenty of benefits you can enjoy, including the following:
Remote Services
Specialized EBP Audit Experience
Compliance and Risk Mitigation
Reliable and Timely Reporting
Client Reviews
Employee Benefit Plans FAQs
What is Form 5500?
Form 5500 is a financial disclosure document filed with the Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) under the Employee Retirement Income Security Act (ERISA). It is used to report information about employee benefit plans, including pension plans and welfare benefit plans, such as health insurance, retirement plans, and other benefits provided by employers.
Form 5500 serves as an annual report that provides details about the plan's operations, funding, investments, participant demographics, and compliance with ERISA and other applicable regulations. It helps regulatory agencies monitor and enforce compliance with reporting and disclosure requirements, ensuring transparency and protecting the interests of plan participants.
Who needs an employee benefit plan audit?
If your plan has 100 or more participants on the first day, then you're required by law to have a plan audit. Annual audits are required after that on a recurring basis. Remember, though, that audits benefit your business with actionable insights and information as much as they satisfy legal and regulatory requirements.
How much does a 401(k) audit cost?
The costs of a 401(k) audit can vary based on the scope of the audit and the size of your business. Contact us for a quote because we can adapt our services to meet the needs and budgets of most businesses. Having said that, an average audit for a medium-sized business with less than $50 million in assets is usually around $10,000.
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Reach Out to Your Employee Benefits Consultant
Getting your employee benefits right is crucial to your company expenses, rewarding your team, and keeping the government happy. Don't do it alone. Contact us right away if you could use the services of an employee benefits consultant.