Employee Benefit Plans are an important aspect of any company. Quality retirement plans provide valuable benefits that help attract and retain employees.
Haefele Flanagan offers the experience and expertise to help ensure that plans are in compliance with ERISA and the rules and regulations imposed by the Department of Labor. We perform employee benefit plan services for our audit and tax clients as well as for clients of other firms that do not have the necessary expertise.
Most employer sponsored retirement plans require a Form 5500 to be filed and may require an audit to be performed by an independent certified public accountant*. We specialize in the performance of these audits and in the preparation of Form 5500s.
Our philosophy is to evaluate each plan from a multi-dimensional perspective by building strong relationships with our clients, their investment advisors, and plan administrators. An efficient channel of communication between all parties is essential for a smooth audit process.
Retirement plan audits are compliance and regulatory driven. We not only assist our clients in meeting their filing and compliance requirements, but we also make recommendations for improving the plan’s internal control, accounting, and operations. If we discover operational issues that are not in compliance with regulations, we assist in self-correcting the matters. This helps to minimize or avoid fines, penalties, or plan disqualification.
*Audit requirements are established by the Internal Revenue Service and Department of Labor. Generally, plans with more than 100 eligible participants, on the first day of the Plan year, require an audit to be completed.