As we head into spring, the audit of your employee benefit plan is likely nearing if you sponsor a plan with over 120 eligible participants. We’ve provided a short list of things you can do as a plan sponsor to help ensure a hassle-free and efficient audit of your employee benefit plan.
Provide your auditor with any new documents pertaining to the plan. This should include:
- New Plan document (if applicable)
- Plan amendments
- Meeting minutes pertaining to the Plan
- Updated Determination Letter
- Updated loan policy
- Changes to funds offered by the Plan
- Copy of the Plan sponsor’s year end financial statements or tax return
- Fraud occurrences against the Plan
Prepare the census
Include: Name, SSN, hours worked, date of hire and date of birth, compensation, employee contributions and employer contributions, if applicable. The census should include ALL employees (not just those which are deemed eligible)
Reconcile the census to payroll records
This will help ensure your census is complete and no one has been mistakenly left off
Compile a list of new hires to provide your auditor
Review distributions and make sure all paperwork is readily available
Analysis of forfeiture account
Include amounts used to offset employer contributions
The above is a brief overview of things you can do to make sure you have an efficient audit. If you need assistance or have any questions, please contact us.
