Defined Benefit Plans
Though defined benefit plans are becoming far less common among single employers, we still provide audit services to a significant number of these plans, especially in the multi-employer benefit plan area.
Increased regulation and compliance challenges contribute to the administrative complexity of these plans. Our audit specialists have more than 60 years of experience in this area and the extensive technical background necessary to navigate the various issues defined benefit plans face. We work with clients in New York, New Jersey, Maryland, Virginia, Washington, D.C., as well as all around the United States.
We are acutely aware of the issues plan trustees face such as the funded status of the Plan. The defined benefit plan’s contributions and investment income may be insufficient to pay future participants when they retire.
We Help You Prepare
An audit is required for defined benefit plans that have more than 100 participants. While we work with some plans that have less than 100 participants, we find those plan trustees still choose to undergo an audit to give them more assurance. As part of the services which we provide, we prepare Form 5500 “Annual Employee Benefit Plan,” Form 990 “Return of Organization Exempt from Income Tax,” and “Summary Annual Report to Participants.” In addition, we assist plan administrators with the preparation of the annual funding notice.
Aside from complying with the increased regulations issued by government entities such as the U.S. Department of Labor and the Internal Revenue Service, defined benefit plan sponsors also need to be accountable to regulatory requirements set forth by the Pension Benefit Guaranty Corporation, an agency that insures the benefits of the defined benefit plans.
We offer audit services for defined benefit plans, including:
- Pension plans
- Health and welfare plans
We offer the following services for defined benefit plans: