Pension Audit Specialists

Feeley & Driscoll has a team of professional accountants dedicated to providing audits of retirement plans. Generally, under the Employment Retirement Income Security Act of 1974 (ERISA) a company is required to have an audit of its retirement plan(s) if it has 100 or more eligible participants (former or current employees) in your pension plan(s). The IRS may require you to have an independent CPA firm audit your pension plan(s). Our audits range widely but also include defined contribution plans (401 (k), 403b, safe-harbor plans, defined benefit, profit sharing, health and welfare, and ESOP plan audits).

In addition to the audit, companies are required to prepare and file the IRS Form 5500. The Form 5500 is due by the end of the seventh month following the plan year end. Our CPA firm recommends that you file early as late fees and missed deadlines can cost you dearly. Recently, the IRS has been focusing on retirement plans and has enacted strict enforcement and penalties making it important for companies to use specialists for the audit of their plan(s). ERISA audits require effective planning and supervision as well as a thorough understanding of the applicable laws and regulations. Our certified public accountant services can be an efficient alternative to your current auditors.

Find out how our expertise with pension plans can help you and your company. Email us or call us at 1 (888) 875-9770.

RESOURCES

Articles & related links

Form 5500 Resources
Feeley & Driscoll's accountants have compiled a list of helpful resources and tools, along with related Department of Labor updates.

Pension Reform Legislation
Details of major pension reform to strengthen the funding of defined benefit and multi employer plans, protect the Pension Benefit Guaranty Corporation (PBGC) insurance fund, and protect older workers' retirement in cash balance plans are top priorities.

Three Year Coverage Rule
The 3 year coverage rule applies to the coverage requirements under 410(b). Under 410(b), a plan must benefit at least 70% as much for non-highly compensated employees as for highly compensated employees. You are permitted to rely on prior year testing if there are no significant changes.

U.S. Department of Labor, AICPA, and State CPA Societies Partner on Small Business Seminar Series
The U.S. Department of Labor’s Employee Benefit Security Administration (EBSA) and the AICPA are launching local seminars to educate small businesses on setting up and administering pension, health and other benefit plans. We highly recommend that you take advantage of these programs.

Feeley & Driscoll is registered as a member of the following organizations:

Public Company Accounting Oversight Board (PCAOB), a private-sector, non-profit corporation, created by the Sarbanes-Oxley Act of 2002, to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports.

American Institute of Certified Public Accountants' (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. The Center provides member firms with best practice guidelines, comprehensive resources, and an opportunity to network and exchange information to better serve their clients.