Category: 401k Plans

Elective Deferral Election Benefit Plan Administration

April 18, 2016

One of the most common operational errors when administering retirement plans is the failure to implement a participant’s elective deferral election or change in percentage.

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No Good Deed Goes Unpunished: Don’t Forget the Compensation Ratio Test

January 04, 2016

Most plan sponsors know that their retirement plans are subject to discrimination tests, generally designed to prevent highly compensated employees (HCEs) from obtaining a benefit that is disproportionately favorable when compared to the benefits of the non-highly compensated employees (NHCEs).

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Continued Interest from the DOL in the Selection of Qualified Plan Auditors

December 09, 2015

In a previous blog, DOL Audit Quality Study: Employee Benefit Plan Auditors Are not Making the Grade, we discussed the results of the 2015 Audit Quality Study performed by the Department of Labor (DOL).

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Amending a Plan’s Eligibility Provisions Could Delay a Financial Statement Audit Requirement

December 02, 2015

It may be counter-intuitive, but reducing the number of employees who are eligible to participate in a retirement plan could be the greater good in certain situations.

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What’s in a Name? Are Retirement Plans of Entities with Religious Names Automatically Church Plans?

November 18, 2015

Posted by  Maria T. Hurd, CPA Juliet: “What’s in a name? That which we call a rose By any other name would smell as sweet.” Let us consider what a name is. It is the grouping of letters that represent the identification of a person, object, or entity. However, the words may not be exactly representative … Continued

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SOC 1 Reports and Limited Scope Audit Certifications Are Not the Same

November 05, 2015

Every year, at least one retirement plan service provider tells us that a plan qualifies for a limited scope audit because their company has an SOC 1 report.

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Using Service Organization Control (SOC) 1 Reports to Reduce Audit Testing

October 09, 2015

Type 1 SOC 1 reports provide plan auditors with an evaluation of the adequacy of the design and implementation of controls

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Risk Assessment for Taft-Hartley Health and Welfare Plan Claim Payments

October 08, 2015

In considering the completeness and accuracy of the benefit payment expense in Taft-Hartley health and welfare (H&W) plan financial statements, an auditor must consider what can go wrong.

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Auditing Eligibility for Claim Payments in Taft-Hartley Health and Welfare Plans

October 07, 2015

When auditing claim payments, auditors must take into consideration whether:

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Taft- Hartley Plan Payroll Audits

October 05, 2015

BLS understands the importance that payroll audits play in the annual audit of Taft-Hartley plans’ financial statements.

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Belfint Lyons Shuman is a Certified Public Accounting (CPA) firm that audits Defined contribution plans (profit-sharing, 401(k), 403(b) , 401(a), 457(b))), and Defined benefit plans (pension and cash balance), and Health and welfare plans. We serve a variety of plan sponsors including for-profit, nonprofit, governmental, and Taft-Hartley collectively-bargained plans located in Delaware, Pennsylvania, New Jersey, Maryland, Washington, D.C., Virginia, Massachusetts, and nationally. For additional information contact us at info@belfint.com