Audit Ready: Ensuring Compliance with Employee Benefit Plans

ARTICLE | February 24, 2025

Authored by Vasquez + Company

Employee benefit plans are a vital part of taking care of your workforce, but maintaining them comes with responsibilities that deserve thoughtful attention. When organizations provide retirement or other benefit programs, adhering to Internal Revenue Service (IRS) guidelines and broader legal requirements is not simply a formality; it’s a proactive step toward safeguarding employees’ futures and sustaining the integrity of the sponsoring organization. In many cases, plans with at least 100 participants are required to undergo annual independent audits as part of their Form 5500 Series reporting. The purpose of these audits is to confirm that a plan’s financials are accurate, ensure that plan provisions are applied correctly, and help protect participants’ rights.

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For plan sponsors feeling uncertain about the health of their employee benefit plan, seeking out experienced professionals for an assessment is a powerful first step. From verifying that your plan documents are in order to providing strategic insights for ongoing compliance, expert advisors can guide you toward a stronger, more resilient employee benefit plan program.

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