ERISA - Employee Benefit Plans

ERISA auditing and consulting requires experience, competency and dedicated resources on the part of an auditing firm. With increasing focus by both the Department of Labor (DOL) and the IRS, this area is of primary concern to Washington, the stability of the financial markets and our economy. Employee Benefit Plans (EBP's) are how most of us will survive retirement, and thus much of the monetary wealth of the nation lies behind the focus. ERISA requirements prescribe both the information to be presented in the audit and form 5500 and the specific testing to be performed by the outside independent auditor. Knowledge of the ever-changing landscape of EBP's requires a knowledgeable team and is not found in many accounting firms.

At QRGA we have been involved with ERISA engagements for 15 years starting with the requirements for 401(k), both limited and full scope audits, and now the newly required 403(b) audits. QRGA is a member and adheres to the guidelines of the AICPA's EBPAQC (Employee Benefit Plan Audit Quality Center). Your benefit plan compliance, be it a Form 5500 annual reporting preparation (generally for smaller plans) or the "Plan Audit" for larger plans, is one of our specialties.

Our team can:

• Assist you in DOL inquiries and investigations of your plan
• Perform both limited and full scope audits of either your 401(k) or 403(b) plans
• Perform both limited and full scope audits of your defined benefit plans
• Prepare the 5500 form (generally small plan service)

Many of our ERISA audit clients are not business audit clients but, due to our recognition and expertise, will carve out that service from their company audit.

QRGA works with your team of Employer / Trustee / Plan Administrator / Custodian / Record Keeper / and ERISA attorney to ensure a smooth experience. If needed, we have worked with a variety of professionals and can give recommendations for third party administrators that can help design or modify your existing plan.

Our fees are fixed and competitive.

Form 5500 - Annual ERISA reporting form for both large (over 100) and small plans (fewer than 100 participants). The 5500 is due seven months after the plan year end with a two and a half month extension possible. Due to both the complexity and the number of third party administrators, many plans are filed on extension.

An audit is required to be filed with the 5500 for larger plans. There are special rules for transitory year with a focus on the numbers 80 to 120 participants. Audits put considerable burden on payroll and HR departments whose systems and procedures are the primary focus of the audit.