Name: Employee Benefit Plans
Brand: Haynie & Company

EBP PROFESSIONALS YOU CAN TRUST

At Haynie & Company, we pride ourselves on our expertise and extensive experience providing employee benefit plan audit services. Our team of Certified Public Accountants is well-versed in navigating the complexities of employee benefit plans, ensuring compliance with the DOL and IRS regulations.

Our professionals are specialists in the field of employee benefit plan audits, with a deep understanding of plans of all sizes and designs, with proficiency in identifying and resolving various types of plan issues, as well as performing the required Department of Labor annual audits, along with required reporting and disclosure. We stay at the forefront of regulatory changes and best practices, ensuring our clients receive the most current, effective, and professional audit services.

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AREAS OF EXPERTISE

401(k) Plans
Defined Benefit Plans
Defined Contribution Plans
Health & Welfare Plans
Employee Stock Ownership Plans (ESOP)
Taft-Hartley Collectively Bargained Plans
Apprenticeship Programs

Vacation & Savings Plans
Multiple Employer Benefit Plans
Scholarship Programs
Cafeteria Plans
ERISA Consulting Services
103(a)(3)(C) and Non 103(a)(3)(C) Audits
Payroll Audit Services
VEBA Trust Plans

Do I Need an Audit?

If you are an employer offering a benefit plan to your employees, you may be required to have the plan audited. This includes retirement plans and other employee benefit plans. The provisions of Title I of the Employee Retirement Income Security Act (ERISA) cover most private sector employee benefit plans.

An employee benefit plan can refer to defined contribution plans (including 401(k), 403(b), and employee stock ownership plans), as well as defined benefit pension and health &welfare plans. An employee benefit plan audit is typically required for any employer with a large plan, which is defined by the Department of Labor under ERISA, based on the number of active participants with account balances at the beginning of the plan year. Generally, a plan is considered to need an audit if it has 100 or more active participants with account balances (greater than zero) on the first day of the plan year, or 120 if the plan hasn’t been previously audited, and 100 every year after. This threshold is part of what’s known as the “80-120 Rule”.

If a plan has fewer than 100 active participants with account balances at the beginning of the plan year, it is generally considered a small plan and may not require an audit.
If a plan has between 80 and 120 active participants with account balances at the beginning of the plan year and has not previously been audited, the plan administrator can choose to file in the same category (either as a small plan or a large plan) that was filed in the previous year.
Once a plan files as a large plan (having 121 or more active participants at the beginning of the plan year, or 100 participants after the first audit year), it must continue to do so every year thereafter until the participant count drops below 100 again at the beginning of a plan year.

For health and welfare plans, generally only plans that are funded (which may be indicated by the establishment of a trust to hold assets to pay all or part of covered benefits, or the existence of a separate fund or account for the plan from which benefits are paid) and have more than 100 active participants with account balances at the beginning of the plan year, require an audit.

Our Expertise And Approach

With over 25 years in the industry, Haynie successfully conducts audits for various benefit plan types for a diverse range of clients across multiple sectors, including technology, manufacturing, construction, service providers, and many more. Our experience spans plans of all sizes, from small start-ups to large corporations, managing assets ranging from a million to over a hundred million dollars.

We understand that each employee benefit plan has unique challenges and requirements. Our approach is tailored to meet your plan’s specific needs, ensuring a thorough and efficient audit process. From the initial planning stages to the issuance of the final report, we work closely with our clients to provide insights and recommendations that enhance the management and operation of their employee benefit plan.

Haynie’s commitment to excellence is reflected in every audit we perform. We pride ourselves on providing insightful, reliable, and timely audit results. Our goal is to ensure that your employee benefit plan not only complies with regulatory standards and is submitted to the Department of Labor on time but also operates effectively to serve the best interests of its participants.