Preparing First Benefit Plan Audit | Preparation Tips | OH IN KY

Employee Benefit Plan Audit Series #2 | Prepping for Your First Employee Benefit Plan Audit

Published on by Dan Holthaus, Jessica Doremus, in Benefit Plan Audits, Video

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How do you prepare for your first Employee Benefit Plan audit? What are common errors, and how can you avoid them? Top employee benefit plan (EBP) audit pros Dan Holthaus and Jessica Doremus walk you through the process, with tips for getting the most out of your audit and ensuring an efficient audit process.

January 1, 2023 brought a big change to the trigger for an employee benefit plan audit: an audit is now required if the plan has 100 participants with a balance (the previous rule triggered an audit at the 100-participant mark…with some exceptions: watch our overview of the 80-120 rule for more). 

Getting ready for your first employee benefit plan audit

Dan and Jessica unpack what you need to do to get ready for your first employee benefit plan audit, including gathering relevant documents:

Timely – and consistent – remittance

The DOL takes a close look at timely remittance, and doesn’t draw a bright line for a good reason. This is a key compliance issue, and Dan and Jessica dig into what the rules are, why consistency is key, and how to ensure your organization’s plan is in compliance.


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