Employee Benefit Plans

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Whisman Giordano has a dedicated team of experienced professionals to work with your employee benefit plan. Our employee benefit practice is a focus area of the firm. 

The U.S. Department of Labor (DOL) mandates that select employee benefit plans be audited and reported on when they meet certain thresholds. They scrutinize the audit report and have the authority to review the auditor’s working papers for adherence to professional standards. Proper planning, coordination, and timing of the audit is critical to the delivery of an acceptable report and will keep you from any substantial penalties imposed by regulators. Negotiating these possible pitfalls is why you need a highly trained, independent auditor.

We are a member of the American Institute of CPAs Employee Benefit Audit Quality Center. Members are committed to adhering to the highest quality standards and receive industry-specific training to remain current with the latest regulations and best practices. We have the expertise to perform full-scope audits and limited-scope audits following professional standards and DOL regulations. We can prepare your Annual Return/Report of Employee Benefit Plan and provide consultation regarding DOL issues and regulations. 

We work closely and cooperatively with our clients to ensure that your reports, financial statements, and returns meet the requirements of the DOL. You can trust us to represent you and be your voice before the IRS or DOL.

The plans we work with frequently range from those with 100 participants to those with over 15,000 participants, with plan assets from less than $1 million to over $1 billion across all industries. This diverse range of experience—from small single location plans to those sponsored by large, for-profit and not-for-profit entities—gives us the background and depth to understand the issues that face the industry, such as:

      • ERISA rules & regulations
      • Valuation of hard to value investments held
      • Department of Labor
      • IRS correction programs
      • Assistance with operational, compliance & regulatory matters
      • Common plan deficiencies, best practice recommendations & industry trends
      • Full scope audits
      • Limited scope audits per DOL regulations
      • IRS forms 5500 and 990 preparation or review
      • Assistance with corrections related to operational defects
      • Assistance with deferral contribution correction calculations & remittance

Our experience includes plans of all types and sizes, including:

      • Defined contribution
      • Defined benefit
      • 403(b)
      • Multi-employer (Unions) 
      • Plans, including pension and health and welfare
      • Health and welfare plans