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.
RESOURCESDownload or view our presentation: 403b - New Audit Compliance and Requirements
Articles & related linksNew Economic Relief Act Benefits Seniors and Employers - 401k & 403b Audits
WRERA temporarily suspends the RMD excise tax for 2009 for IRAs as well as all defined contribution plans, including 401(k), 403(b) and 457 plans.
Too Much Income for a Roth IRA: Starting in January 2006 There is Another Alternative
Roth 401(k) will be available in 2006, allowing individual to designate all or a portion of their 401(k) contribution into a Roth. This option will also be available to 403(b) participants.
Form 5500 Resources
Pension Reform Legislation
Three Year Coverage Rule
U.S. Department of Labor, AICPA, and State CPA Societies Partner on Small Business Seminar Series
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.