While audits are the foundation of any employee benefits practice, there are services that extend well beyond financial statement audits allowing your company to improve plan operations and reduce the internal burden on human resources, finance, and operations.
When it comes to plan operations and compliance with the Employee Retirement Income and Security Act (ERISA), it’s important to understand the tools available; some of which have the potential to avoid wasting valuable resources and save both time and money. McKonly & Asbury has the technology and expertise to support efficient operational corrections.
Data Extraction and Analysis and Legal Assistance
Plans transfer significant amounts of data to and from outside service providers. Sorting through data can be exhausting and a drain on resources to correct plan errors such as compensation and deferral miscalculations. McKonly & Asbury has the tools and resources to sort through data to achieve compliance and reduce the burden on your internal resources.
We often use data extraction and analysis of participant data to assist our clients’ legal counsel for the correction of operational errors. In one instance, our client learned that the formula used by their payroll provider for plan compensation was incorrect and this project involved extracting large amounts of data, over multiple years, from payroll providers and custodians. We were able to use the extracted data to assist our client in re-calculating correcting participant and employer contributions at a fraction of the time using data extraction techniques and assistance.
Voluntary Fiduciary Correction Program (VFCP) Services
VFCP is designed to encourage employers to voluntarily comply with the ERISA by self-correcting certain violations of the prohibited transaction rules, granting relief from the otherwise applicable prohibited transaction provisions of the Code, and minimizing or avoiding penalties by taking advantage of the VFCP.
We have assisted numerous clients in the identification of plan operational issues, along with the preparation of VFCP forms to voluntarily correct the errors. During our audits, we routinely identify operational errors that require correction and assist with the completion of the VFCP forms for timely and accurate resolution with the U.S. Department of Labor (DOL). With our team’s knowledge and understanding of the forms and DOL expectations, these services save time and valuable resources; and in some instances, extend to direct correspondence with the DOL to assist with more efficient resolution and correction of errors.
Whether you need an audit, assistance in operational error corrections, data analysis or a review of your current processes, McKonly & Asbury’s employee benefit plan team is here to assist. We support plans of all types including:
- Defined Benefit / Pension
- Employee Stock Ownership Plans (ESOP)
- Health & Welfare, including plans that are self-insured
- Voluntary Employees Beneficiary Association (VEBA)
- Church plans
We are active in the industry and the depth of our team and firm allow us to provide many other services to support our clients and other professionals. You can learn more about our Employee Benefit Plan services by visiting our website and don’t hesitate to contact Dan Sturm, Partner & Director of ERISA Services at firstname.lastname@example.org.