OUR THOUGHTS ON:

Planning for the Audit of Your 2012 ERISA Plans

ERISA|Not-for-Profit

By Lara Fuller

As spring approaches, many companies are wrapping up their corporate audits and related tax returns and are beginning to focus attention on the audit of their employee benefit plans and related Form 5500 tax returns. To make this transition go as smooth as possible, it is important to appropriately plan the next few months coordinating the various information from the benefit plans’ service providers. The most important element to this process is effective communication.

Our experience in effective planning and communication is to get involved as auditors with the plan sponsor’s management team to lay out a timeline for the plan audit. As part of this timeline, due dates for information requests should be identified and agreed to by all service providers of the plan. This will lead to an effective, efficient and painless process of having the benefit plans audited and completed in a timely manner.

Some of the key players in a benefit plan audit are the auditor, the trustee holding the investments, the third-party administrator performing the recordkeeping and plan accounting, the claims administrator, and the actuary.

As spring approaches, a planning meeting with all parties involved is a best practice for easing the audit process and resulting in less disruption to your staff while providing the framework for a high-quality, effective audit.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter

You’ve heard our thoughts… We’d like to hear yours

The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at contactSD@schneiderdowns.com.

Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.

© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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