In a competitive job market, employee benefit plans give you a distinct edge in the quest for quality team members. If you don’t have a benefit plan or yours isn’t performing well, KPM can help you design a custom plan or improve your existing one. We also audit a range of plans, including defined benefit and contribution plans, ESOPs, and health and welfare plans. Our consultants can assist with IRS and DOL compliance, third-party administration, and investment strategies.
KPM has a strong track record of auditing employee benefit plans in accordance with ERISA and helping clients dial in on DOL compliance. Our team looks for ways to improve your plan’s internal controls, reporting, and operations.
Employee benefit plans must satisfy an ever-changing set of government requirements. We can coach you on how to best clear compliance hurdles and meet those obligations. KPM also performs annual compliance, or non-discrimination, tests.
Is your employee benefit plan sponsor fulfilling their required fiduciary responsibilities? We can help you comply with ERISA guidelines or step in as a third-party administrator to ensure best practices are in place to protect participants.
DOL reporting and disclosure requirements differ from plan to plan and may require some heavy lifting on your part. Our team can walk you through what’s needed and when, so reporting compliance doesn’t fall through the cracks.
The Form 5500 is a report that must be jointly filed with the IRS and DOL each year for most retirement plans and health and welfare plans. KPM can help you properly file this form by the required deadline to avoid steep fines.
Have you been notified the IRS or DOL will be auditing your employee benefit plan? Have our EBP team conduct a review to identify any red flags, prepare necessary documentation, and correspond with the government auditor.
There’s a lot to consider when designing an employee benefits plan. Balancing cost, employer objectives, and employee needs isn’t always easy. KPM can help you choose the right plan and structure it to meet the long-term needs of your workforce.
Employee benefit plans change over time, and these changes often require updated documentation. In addition to helping you design and administer your plan, KPM can refresh important documents and prepare them for publication.
Experienced EBP auditors are familiar with benefit plan practices and operations, as well as the special auditing considerations and rules that apply. Your auditor should be knowledgeable about the areas outlined in our checklist.
Learn more about choosing a quality benefit plan auditor.
As a member of the AICPA EBPAQC, KPM has access to a multitude of EBP audit engagement tools and aids. The EBPAQC also regularly publishes timely articles and hosts topical webinars on EBP best practices.
ASPPA is the premier national organization for retirement plan professionals. In addition to offering continuing education programs and products to members like KPM, ASPPA also advocates for advisory firms and their clients.
Whether you need a full-scale EBP audit or some minor assistance with record keeping, we can help steer you in the right direction. The sooner we understand your needs, the sooner we can address them. Give us a shout.