Black & Pinckard, LLC - Client Area
Q: What is ERISA and how does it affect my business?
A: The Employee Retirement Income Security Act of 1974 (ERISA) is an American federal statute that establishes minimum standards for pension plans in private industry and provides for extensive rules on the federal income tax effects of transactions associated with employee benefit plans. ERISA was enacted to protect the interests of employee benefit plan participants and their beneficiaries by requiring the disclosure to them of financial and other information concerning the plan; by establishing standards of conduct for plan fiduciaries; and by providing for appropriate remedies and access to the federal courts.
Q: I already have an accountant; Why do I need a separate firm to handle my company's benefits plan?
A: Employee benefit plans are generally required to engage an independent qualified public accountant to perform an audit if filing the Form 5500 as a "large plan". At Black & Pinckard LLC, we specialize in audits of employee benefit plans that satisfy the filing requirements of ERISA section 103(a)(3)(A). The failure to file a complete return could result in significant penalties to the plan sponsor. DOL regulations provide for a penalty of up to $1,100 per day for each day that a plan sponsor fails to file a complete return.
Q:What size beneifts plans are required to be audited?
A: A plan with 100 or more eligible participants is considered a "large plan" and generally requires an outside independent audit.
Q: What is the general process that I can expect during an audit with Black & Pinckard?
A: Explain B&P process and style here...