+ Employee Benefit Plan

Employee benefit plans are an essential component in attracting and retaining key employees. However, according to the Department of Labor, 75% of all benefit plan audits are deficient. Plan administrators and trustees must be informed regarding complex laws and compliance issues. In addition, some plan administrators or trustees tend to underestimate the audit and reporting requirements related to employee benefit plans, which can lead to monetary or civil penalties. Substantial penalties may occur when a plan administrator fails or refuses to follow annual reporting requirements.

• ERISA - The Employee Retirement Income Security Act of 1974 (ERISA) is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these pension plans. Our professional staff is educated on the ERISA and the changing laws and standards that are used by the Internal Revenue Services and the Department of Labor.
• Commitment to Quality - To demonstrate our commitment to quality, Herbein + Company, Inc. is a member of the AICPA’s Employee Benefit Plan Audit Quality Center. As a member we are required to maintain and demonstrate high quality audit services, obtain minimum amounts of continuing professional education in audits of plans, and must include plan audits in our peer review process.
• Audit Quality Center - The Employee Benefit Plan Audit Quality Center is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and raise awareness about the importance of employee benefit plan audits.