Employee Benefit Plans

Odoni Partners LLC recognizes that auditing employee benefit plans in Chicago and throughout the State of Illinois is an industry-specific service that requires specialized experience and knowledge. With changing rules and regulations from the Department of Labor, Internal Revenue Service and other regulators, it is essential that organizations choose the right audit firm for their employee benefit plan audits.

• Communication – We value the communication process and emphasize planning and organization to help facilitate a smooth audit.
• Technical Experience – We assist clients in understanding the audit and compliance requirements related to their plan.
• Project Management – We work with our clients and their plan service providers (e.g. third-party recordkeeper, investment trustee, payroll service and actuary) to coordinate all phases of the plan audit.

Our professionals thoroughly understand employee benefit plan audits. We use a nationally developed audit approach and can provide guidance on best practices for various employee benefit plan audits, including:

• Defined contribution (401(k), 403(b), profit-sharing, ESOP
• Defined benefit pension (pension, cash balance)
• Union-represented plans
• Health and Welfare
• Master Trusts
• SEC 11-K Filings
• Full-scope
• Limited-scope
• Form 5500 and Form 990 filings

In addition, we can offer suggestions to help improve the internal controls of a plan and can note areas that should be considered for compliance with the laws and regulations under the Employee Retirement Income Security Act of 1974 (ERISA).

401k CPA Firm

You may not think twice about the employee benefit plan that you offer your employees–or, if you’re in Human Resources or finance, the complexity of changing employee benefit plans may keep you awake at night. Either way, we have you covered. Your employee benefit plan can be the difference between satisfied and dissatisfied employees. Your employee benefit plan can also be the difference between realizing and not realizing cost savings for your company. Regardless of your opinion on the most effective employee benefit plans, everyone can agree employee benefit plan regulations can become confusing due to the different requirements at the state, local, and federal levels. The most common employee benefit plans include health insurance, retirement plans, life insurance, and disability insurance. However, as a small business, you may find yourself competing with the never-ending benefits of larger employers who may offer tuition reimbursement or even pet insurance. At Odoni Partners LLC, we have the expertise to audit your employee benefit plan from top-down to ensure that you are providing your employees with a robust employee benefits plan, at a cost that is not detrimental to your overall business model.

403b and 401k Audit Requirements

We are also knowledgeable about upcoming changes and regulations put in place by the Department of Labor. We stay up to date on all employee benefit regulations and rules, so that your business can focus on its core competencies, rather than reading about complex benefit plan changes. If you decide that you’d like to audit your employee benefit plan, we will communicate with you about it every step of the way. We will create a plan for the audit, and make sure that you are aware of the milestones. We will also communicate the requirements of your audit plan in an easy-to-understand way so that your business is not bogged down by technical jargon. You will walk away from our audit with a clear understanding of what is and isn’t part of your employee benefit plan regulations, and we can also create a strategy for the future based on upcoming regulations. We will also communicate and work with stakeholders in employee benefit plans (because of course, an employee benefit plan often involves outside record-keepers, insurance companies, and other stakeholders) to make sure everyone stays in the loop throughout the audit.

Retirement Plan Audits

Our vast experience includes:

-Defined contribution (401(k), 403(b), profit-sharing, ESOP: A defined contribution plan means that the employee contributes to the plan (or both the employer and the employee). We can help audit defined contribution plans to make sure they are compliant.

-Defined benefit pension (pension, cash balance): A defined benefit plan requires the employer to contribute to the pension plan. The regulations around pension plans often change, so it is advised to consult an expert.

-Union-represented plans: Employees who are represented by bargaining unions may also have a union-represented plan. This may require negotiations on the part of the employer and union. Union-represented plan regulations can also change fairly often.

-Health and Welfare: We can advise you on health and welfare plans for your employees, and what documents are needed to maintain compliance.

-Master Trusts: A master trust is an investment tool that utilizes pooled investments. Companies can also pool assets with other companies regarding master trust benefits. These benefits can become highly complex, but we are prepared to guide your business in master trusts.

-SEC 11-K Filings: The U.S Securities and Exchange Commission requires filings for employee stock plans offered by employers. There are strict deadlines and regulations to follow when filing.

-Full-scope/Limited Scope: Unlike a full scope audit, during a limited scope audit, auditors are unable to express their opinions. At Odoni Partners LLC, we can conduct both full and limited scope audits.

-Form 5500 and Form 990 filings: Although you may be a tax-exempt organization, you are still required to file to remain compliant. We can advise you on which forms to file as a tax-exempt organization.

401k Plan Audit Report

Prospective and current employees will judge your company’s viability based on the benefits plans offered. Therefore, it is in your best interest to conduct a full audit to make sure you are in compliance and offering the benefit plan that best suits your business needs. At Odoni Partners LLC, we are happy to guide you through the employee benefits process, and help you create strong internal controls to ensure your plans are compliant with local, state, and federal regulations. Contact us to learn how we can help you create compliant plans and monitor employee benefits compliance. There are ever-changing regulations around employee benefit plans, and they can be hard to decipher. We can assist you in understanding how to remain compliant in employee benefit plans.

Comprehensive ERISA 401(k) Audit Services in Chicago, IL

Navigating the complexities of ERISA 401(k) compliance can be daunting. At Odoni Partners, we specialize in providing meticulous and thorough ERISA 401(k) audit services tailored to meet the needs of businesses across Chicago, IL. With years of experience and a dedicated team of professionals, we ensure your employee benefit plans comply with the stringent requirements set forth by the Employee Retirement Income Security Act (ERISA).

Why Choose Odoni Partners for Your ERISA 401(k) Audit?

• Expertise and Experience: Our team comprises seasoned professionals with extensive knowledge and experience in ERISA 401(k) audits. We stay updated with the latest regulatory changes to provide accurate and compliant audit services.
• Personalized Service: We understand that every business is unique. Our approach is tailored to your specific needs, ensuring a personalized service that addresses your individual requirements.
• Detailed and Accurate Audits: We conduct comprehensive audits that cover all aspects of your 401(k) plan, from participant data to plan transactions. Our goal is to identify any discrepancies and provide actionable insights to improve plan compliance and performance.
• Timely and Efficient: We value your time and work diligently to complete audits within agreed timelines. Our efficient processes and meticulous attention to detail ensure a smooth and timely audit experience.

Our ERISA 401(k) Audit Process

1. Initial Consultation: We start with a detailed consultation to understand your 401(k) plan’s structure and specific requirements. This helps us tailor our audit approach to best meet your needs.
2. Planning and Preparation: Our team develops a comprehensive audit plan, outlining the scope, objectives, and timelines. We gather all necessary documents and data to ensure a thorough audit process.
3. Fieldwork: During the fieldwork phase, we examine plan documents, participant records, and transactions. Our auditors perform detailed testing to ensure compliance with ERISA regulations.
4. Reporting: After completing the audit, we provide a detailed report highlighting our findings. This includes any issues identified, along with recommendations for corrective actions.
5. Follow-Up: We offer follow-up consultations to help you implement our recommendations and ensure ongoing compliance. Our team is always available to answer any questions and provide ongoing support.

Benefits of Our ERISA 401(k) Audit Services

• Enhanced Compliance: Ensure your 401(k) plan complies with ERISA regulations, reducing the risk of penalties and fines.
• Improved Plan Performance: Identify areas for improvement in your 401(k) plan’s administration, leading to better performance and participant satisfaction.
• Peace of Mind: Gain confidence knowing your 401(k) plan is in good hands, with a team dedicated to ensuring accuracy and compliance.

Contact Us

Ensure your 401(k) plan is compliant and performing at its best with Odoni Partners’ ERISA 401(k) audit services. Contact us today to schedule a consultation and learn more about how we can help you navigate the complexities of ERISA compliance.