Employee Benefit Blog

Blogs December 14, 2022 Is Your Benefit Plan Missing an Audit Report?

If a plan sponsor files a Form 5500 without the required audit report, the Department of Labor will send a series of compliance and penalty notices.

Blogs November 11, 2022 MarylandSaves for Employers

The Maryland Small Business Retirement Savings Program, a.k.a. MarylandSaves, applies to all Maryland employers who have been in business for at least two years, have at least one W-2 employee, and use a payroll system. MarylandSaves launched state-w…

Blogs April 20, 2022 It’s Time to Consider Cybersecurity Risk for Employee Benefit Plans

Headlines remind business leaders of the risks surrounding cybersecurity and the consequences of either a cyberattack or data breach. The benefit plan industry is no different, but there are steps that can be taken.

Blogs March 29, 2022 Preparing for Your Plan Audit, Part 5: Minutes and Amendments

Plan meeting minutes are vital for documenting fiduciary obligations under ERISA and providing auditors with the information to properly plan and execute a plan’s audit.

Blogs March 22, 2022 Preparing for Your Plan Audit, Part 4: SOC 1 Report

Having a System and Organization Controls (“SOC 1”) report on your employee benefit plan’s service providers adds great value to your plan.

Blogs March 15, 2022 Preparing for Your Plan Audit, Part 3: Investment Certifications

The most important thing to consider while preparing for your employee benefit plan audit is determining the type of audit to elect, either an ERISA Non-Section 103(a)(3)(C) audit or an ERISA Section 103(a)(3)(C) audit.

Blogs March 08, 2022 Preparing for Your Plan Audit, Part 2: Completion of a Timeliness Schedule

One of the most common operational issues impacting employee benefit plans is errors involving the timeliness of plan remittances. This is where having an effective timeliness schedule is indispensable.

Blogs March 01, 2022 Preparing for Your Plan Audit Part 1: Census Reconciliation

A key step in preparing for your plan audit is a census to determine eligible plan participants and test various plan provisions from a population deemed complete.

Blogs August 31, 2021 What Does a 401(k) Audit Encompass?

This blog examines the determining factors for whether your 401k plan needs an audit.