Defined Contribution Plan Audit Services

The Vendor is required to provide defined contribution plan audit services for include:
• Financial reporting and statement audit: verification of the plan's financial accuracy, including the statement of net assets available for benefits and changes in net assets.
• Participant data and eligibility testing: review of participant data such as enrollment, birth dates, and hire dates for eligibility compliance.
• Contribution and payroll review: verification that employee and employer contributions are accurately calculated, correctly allocated, and deposited in a timely manner (payroll remittance testing).
• Internal controls review: evaluate internal controls over contributions, distributions, payroll remittances, record-keeper oversight, etc.
• Distribution and loan testing: review of participant loans and distributions for proper authorization and compliance with plan documents.
• Participant investment review: analysis of investment valuation and allocation.
• Administrative expense check: verification of the legitimacy of expenses paid by the plan.
• Compliance with plan document and regulations: checking that the plan is operating according to its written document and regulatory requirements.
• Documentation review: reviewing signed plan documents, amendments, committee meeting minutes, and summary plan descriptions.