CRI Articles: Employee Benefit Plans (EBP) Articles

Providing the highest level of employee benefit plan (EBP) services requires practice. Specifically related to EBP audits, the Department of Labor (DOL) cites auditor inexperience as one of the most common reasons for EBP audit deficiencies. So choosing a team like CRI's EBP audit team that performs hundreds of EBP audits annually ensures precise specialization and expertise.

The IRS Is Changing Its Tune Related to Compliance and Small EBPs

The IRS is whistling a new, stricter compliance tune related to the employee benefit plans (EBPs) of small organizations. The Employee Retirement Income Security Act of 1974 (ERISA) and provisions of the Internal Revenue Code require certain employee benefit plans to submit information annually to the government regarding their size, funding, operations, and other characteristics.

Quality EBP Audit Services

Should your plan be audited? The answer to that question is determined by law. Employee benefit plans are regulated by the DOL and IRS, and fines for plan deficiencies including deficient auditing can be pretty stiff (up to $1,000 per day for each instance of non-compliance). Further, an audit helps protect the assets and financial integrity of your EBP. It also provides more reliable information for better plan management and administration.

Are you ready to choose an EBP audit firm that believes in practice? CRI's EBP team has additional recommendations available on CRI's "You'll Be Surprised By What We Know" Blog.