Is Your Company Prepared For An Employee Benefit Plan Audit?
5 Questions To Gauge Your Readiness
In accordance with the Department Of Labor and ERISA, all defined large benefit plans must comply with the annual audit requirements for Employee Benefit Plans. If your company's sponsored plan participants exceed Department of Labor and ERISA thresholds, and fails to file audited plans, it's going to face monthly penalties.
Is your company adequately prepared to complete an employee benefit plan audit? Your answers to the following questions may give you a better idea.
- Do you or will you need an employee benefit audit?
- Do you understand the requirements of a benefit audit?
- How many eligible participants are in your benefit plan?
- Do you know the penalty for failure to file?
- How many times per year does your plan sponsor communicate with you regarding employee benefit plans?
If you are unsure about any of these questions, you are probably not prepared for an employee benefit plan audit. Enter your email below to download Understanding The Employee Benefit Plan Audit: What Companies Need To Know About Proper Compliance, a comprehensive guide to adhering to employee plan guidelines.