Denver 401k Audits
Denver ERISA Audits
Denver businesses seeking to attract the best and brightest to their ranks usually offer a 401k or other employee benefit plan audit. Offering these plans not only provides employees with a valuable retirement planning tool but goes a long way for employee retention when offered as part of the benefits package. The challenge arises when the plan grows and meets the minimum requirement to under a Department of Labor (DOL) ERISA Audit. While similar in many respects to a financial statement audit, there are important nuances that less experienced providers often miss. In other words, they have a hard time bringing value to management beyond the standard checklist.
ERISA Audit Experience
Hanson&CO currently provides plan audits to many benefit plans, including 401(k), 403(b) and other plan types to Denver area companies. Broadly speaking, we perform audits for those with plan asset sizes ranging up to $100,000,000 and total participants from 100 to 600. Our experience is diverse as we work with plan sponsors of various sizes facing different challenges and opportunities.
Denver Benefit Plan Figures
The number of companies investing, and the amount, in employee benefit plans varies regionally. The top industries and economic drivers can often impact these decisions. Below is a summary of key figures.
- Denver area companies spend an average of $1.30 per employee on retirement and savings.
- Last year, 11.5% of expenditures were allocated by area companies for personal insurance and pension plans.
- The Denver area reported an unemployment rate of 2.6%. This low number has opened the door to greater 401k and plan participation.
- The area employers include companies from various industries including manufacturing, financial activities, professional and business services, education and health services, mining and construction and government.
Changing Denver 401(k) Plan Auditors
There are many companies which are facing forced change with their plan auditors. Due to market consolidation and acquisition of area providers, many companies are left with more questions than answers about the coming 401(k) audit. While most are naturally concerned about elevated fees, there is also trepidation about the service experience. Who will be auditing the plan? What is their level of experience? What new obstacles does this raise for our company?
If your company is in this position, then now is the time to take control of the process. Opening the door to conversations with a qualified provider may turn unexpected change into a “welcome surprise”. While change is part of life, it doesn’t mean the experience has to be a challenging one.
Contact Our Denver 401k Audit Team
Hanson&CO provides 401k plan audits across the Denver area. If you are interested in learning how we can assist you or have been affected by the recent marketplace changes and would like to explore new options, our team can help. Simply complete the form below and a team member will follow up with you promptly.