Pension Audits, Pension Accounting In NYC

PENSION AUDITS
Pension accounting in NYC. When you set up a retirement or pension audits program for your business, be aware that the IRS and the Department of Labor (DOL) both oversee retirement plans. These agencies often work together to make sure that your company is managing your retirement and pension plans to the benefit of your employees who participate in them. So whenever you decide to set it up, that’s the time to bring in a qualified pension accountant to make sure the plan can pass muster.
The IRS gets involved with retirement and pension audits plan primarily to look at issues pertaining to the eligibility, distribution and participation of plans. The IRS specifically focuses on verifying all minimum participation requirements, discrimination tests and vesting requirements. Just like the DOL, the IRS maintains the goal of making sure all the plan’s assets benefit participants of the retirement program.

As a best in class accountant NYC, Paul Miller provides highly personalized and comprehensive pension accounting services. His philosophy regarding the accountant/client relationship is based on trust and has earned him one of the most distinguished, worthy and credible reputations in NYC.

DOL JURISDICTION OVER PENSION ACCOUNTING PLANS
The Employee Benefit Security Administration (EBSA), a branch beneath the Department of Labor, has direct jurisdiction over pension audits plan. The DOL’s main concern is to ensure that the contributions of pension participants are deposited in a timely fashion into those employee accounts. The EBSA can request and review your pension plan documents at any time. These documents can include:

Your plan document and related disclosures
Form 5500 filings and annual reports summary
Documents that detail plan sponsor or employer responsibilities related to plan payment costs
Administrative services agreements and third-party agreements
All other documents and records related to your plan operations
The EBSA distributes an enforcement manual detailing what you need to know for retirement and pension plan compliance. The agency aids participant and sponsor awareness of the fees associated with retirement plans. Service providers of retirement plans should be providing this information to fiduciaries who then pass this information on to the participants of the plan. Disclosures of this nature are part of the review process during an EBSA audit.

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Monday - Friday: 8:00 am - 7:00 pm;
Saturday, Sunday: Closed
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Miller & Company LLP
Manhattan, NYC
18 East 48th Street, #1001
New York, NY 10017
+1 (646) 367-3726
https://www.cpafirmnyc.com