This highly specialized and often overlooked aspect of compliance with Department of Labor (DOL) Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (ERISA) is mandatory for employers who sponsor plans with more than 100 eligible participants, as well as some smaller plans.
Companies who are not in compliance with audit requirements are subject to fines of up to $50,000 per annual report filing by the Department of Labor (additional IRS fines may apply), and companies are at further risk due to a 30% failure rate of auditors, according to the DOL.
That’s where UHY LLP can help.
Our Employee Benefit Plan (EBP) audit team focuses exclusively in this area, bringing insight only available through experienced senior level professionals. Our team, which averages more than 25 years in EBP audits and tax compliance, is active on each engagement.
In addition, our team of audit and tax professionals can help not-for-profits with their 403(b) (Tax Sheltered Annuity) plan compliance and assessment of audit requirements. Recent changes in DOL and IRS rules may require an audit of this plan type.
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