If you’re running a business in the US with 100 or more eligible employees, chances are you’re required to undergo an Employee Benefit Plan Audit. Unfortunately, many companies realize this only when a deadline is approaching—or worse, when the Department of Labor (DOL) comes knocking.
So, why does it matter, and what does it involve?
🔍 What Is an Employee Benefit Plan Audit?
It’s an independent review of your company’s employee benefit plans—such as 401(k), pension, health, or welfare plans. The goal? To ensure compliance with the Employee Retirement Income Security Act (ERISA) and safeguard your employees’ hard-earned benefits.
🛑 What Happens If You Don’t Comply?
Non-compliance can lead to:
- Severe penalties and fines from the IRS and DOL
- Delays in plan filings (Form 5500)
- Increased audit risk in future years
- Reputational harm that impacts both employees and stakeholders
✅ Why It’s Important for Employers
- Employee Trust: A clean audit reinforces that employee benefits are managed responsibly.
- Risk Mitigation: Identifies weaknesses in plan administration before they become compliance failures.
- Regulatory Confidence: Keeps your filings accurate, timely, and aligned with DOL/IRS rules.
🚀 The Accelus Advantage
At Accelus, we go beyond ticking boxes. Our approach includes:
- Audit Readiness Assessments: Spot gaps before the auditors do.
- Process Streamlining: Organize payroll, plan contributions, and records to ease the audit burden.
- Compliance Guidance: Stay aligned with ERISA requirements without draining your internal teams.
📌 Bottom Line
An Employee Benefit Plan Audit isn’t just a compliance requirement—it’s an investment in trust, transparency, and smoother business operations. With the right partner, it doesn’t have to be overwhelming.
👉 Ready to simplify your Employee Benefit Plan Audit?
Let Accelus guide you through compliance with confidence.