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Employee Benefit Plan Audits

Federal law requires that any employee benefit plan with 100 or more participants must be audited annually. Stringent guidelines under the Employee Retirement Income Security Act (ERISA) make obtaining accurate employee benefit plan audits crucial to remain in accordance with DOL compliance regulations. Our team at The Hoffman Group is experienced in auditing employee benefit plans. We analyze the plans to find areas of opportunity along with potential problems.

Full scope & limited scope audits:

  • 401 (k) Plans
  • 403 (b) Plans
  • Profit-sharing Plans
  • Defined Benefit Plans

Self-correction of plan errors

Education on fiduciary responsibilities

Analysis of investment performance

Assistance with Voluntary Correction Program (VCP) filings

Assistance with IRS and DOL audits

Assistance with prohibited transaction issues

Review of compliance with the plan document, IRS and DOL regulations

Internal control reviews