Once these are established, a risk reduction plan can be implemented to minimize the exposure as much as possible through administrative procedures; then consideration can be given to transferring the rest of the risk to an insurance company through the purchase of
employee benefits liability and fiduciary liability.
In recent years the DOL has significantly stepped up its enforcement of the audit requirement for
employee benefit plans, and it has accordingly developed guidance to help administrators select a plan auditor.
As a task force member, I will recommend that additional emphasis be placed on audits of
employee benefit plans during the peer review process; that California Audit Quality Centers be established; and that firms wanting to perform audits of these plans belong to the California Audit Quality Center.
The notice also solicits information on a number of trading practices, including what impact the emergence of electronic systems might have on any exemption standards; whether there are real savings flowing to
employee benefit plans from crosstrades not otherwise available in the market; what the transaction costs are for such off-market transactions; and whether cross-trades could be used to produce commercial advantages for the investment manager, etc.
Part One should include several chapters that basically describe the various types of
employee benefits with some basic definitions and concepts.
Raise awareness about the importance of
employee benefit plan audits.
Companies in the survey with captives for
employee benefits paid premiums ranging from $700,000 to $23 million annually to cover 7,500 to 65,000 employees.
When a PEO sponsors
employee benefit plans, it assumes fiduciary responsibility for plan compliance with applicable federal and state laws.
an
employee benefits company, created this site to address the increasing importance of the impact of family and life-style issues on an employee's professional development.
The huge demand--coupled with the failure of some audits--spells possibilities for accounting firms that devote themselves to providing top-quality audits for
employee benefit plans.
ValueOptions announced that Tom Shjerven, its Vice President of Commercial Sales, has been appointed to serve as President of the Pacific Northwest Chapter of the International Society of Certified
Employee Benefit Specialists (ISCEBS) for 2007.
Given the increasing attention and risks associated With
employee benefit plan audits, there is a continuing need for guidance for plan auditors.
