Employee Benefit Plans Services
Employee benefit plans are a great way to provide for employees health and welfare while offering tax-deferred savings opportunities for retirement. As an employer, providing a plan helps retain talented workers and gives you the edge needed to attract qualified new employees. However, creating and maintaining employee benefit plans to comply with government regulations can be daunting without the assistance of a trusted partner like ORBA. Our Employee Benefit Plans Group is poised to provide your company with the help you need -- from consulting on plan creation to reporting requirements to administration.
U.S. Department of Labor (DOL) regulations require that employee benefit plans with more than 100 participants be audited annually. ORBA has many years of auditing all types of plans for both public and private companies. We manage audits of plans with assets of a few million dollars to more than several hundred million dollars. While many companies view these audits as a burden, our approach is to educate and inform our clients throughout the year in order to make you more comfortable with the process as well as provide suggestions that can enhance your offerings, streamline your administration and save you time and money.
ORBA is committed to providing high-quality audits in the benefit plan space. Our professionals spend hundreds of hours per year in education related to benefit plans. We are also members of the AICPA Employee Benefit Plan Audit Quality Center. ORBA can also help provide guidance when it’s time to draft a new plan or revise your existing one to better meet your needs. We regularly partner with our clients and with trusted actuaries, third-party administrators, ERISA attorneys and trustees who can help in every aspect of the process.
Employee Benefit Plan Audits
As an employee benefit plan sponsor or administrator, we understand you have an incredible responsibility to ensure your plan adheres to the specialized financial, operational and regulatory requirements that are mandated by ERISA, the DOL and the IRS. ORBA is the CPA firm that you can count on for expertise and guidance in this area.
ORBA’s Employee Benefit Plans Group audits more than 50 employee benefit plans annually that range in size from 100 to several thousand participants, and from $1 million to more than half a billion in assets. We have a dedicated team of CPAs specializing in employee benefit plan audits. Our audit team members receive substantial training in this area, including attending the AICPA’s Employee Benefits Conferences and the Illinois CPA Society’s conferences. We are also actively involved with the BKR Employee Benefit Plan Audit Group. Through our membership in the AICPA’s Employee Benefit Plan Audit Quality Center, we are committed to delivering high-quality employee benefit plan audits that will be held accountable to the highest standards of our profession.
Our audit team members work in concert with our employee benefits consulting and tax team members to deliver quality service and proactive advice. In addition to working with the plan sponsor and administrator, we facilitate collaboration among all key plan advisors, including third-party administrators or recordkeepers, investment trustees or insurance companies, payroll service providers, actuaries, attorneys and others. This gives you the confidence of knowing that all services are coordinated and ensures that your benefit plan meets all necessary compliance and reporting requirements.
We provide full or limited-scope audit services for the following:
- Single and multi-employer plans
- Health and welfare plans
- Defined benefit plans -- pension plans and cash balance plans
- Defined contribution plans -- 401(k) plans, 403(b) plans, profit-sharing plans and employee stock ownership plans (ESOPs)
Retirement Plan Design and Implementation Services
Retirement plan design and implementation are key pieces of ORBA’s employee benefit plan consulting services. We provide our clients the best and most effective retirement plan solutions for their business, as well as for business owners. For more than 39 years, ORBA has provided businesses like yours with the quality service and support needed to help prepare you and your employees for retirement.
Choosing and Designing a Retirement Plan Solution for Your Business
Are you trying to decide if you should have a retirement plan for your company and what the cost of doing so would be? Evaluating the types of plans available and the costs versus benefits of each? Deciding the best way to balance your personal goals with your desire to provide for your employees’ retirement? Or just wanting someone to talk about the benefit of adding a Roth feature to your existing plan?
Whatever your question might be, ORBA can guide you through the possibilities, model the options, and assist you in selecting an attorney, custodian and third-party administrator for your new plan’s operation.
ORBA advises clients on retirement plans geared to each client’s financial situation and business objectives. By taking the time to listen to you and your needs, we are able to help you create a personalized and optimal solution that addresses your goals.
Putting Your Retirement Plan in Place
Whether you are adapting a new plan or modifying an existing one, the ORBA Employee Benefit Plans Group will help you through all aspects of its implementation so you may focus on what is important to you -- your business. Our professional advisors will personally work with you throughout the plan design and implementation process, and provide you with all of the relevant plan documents and forms. At ORBA, our goal is to deliver the best wealth accumulation and tax-efficient plan for you and your employees.
Form 5500 Series and Related Filing Services
ORBA’s Employee Benefit Plans Group appreciate that businesses need to spend their time focusing on what is important to their operations. We also recognize that many businesses lack the time, knowledge or expertise to manage employee benefit plan filing requirements.
How Can ORBA Help Your Business?
ORBA helps businesses efficiently handle all the complexities associated with their employee benefit plan filings. We will provide your business with comprehensive Form 5500 series preparation services and support, including employee benefit plan compliance assistance and consulting. Form 5500 series preparation services and support have been among ORBA’s primary capabilities for more than three decades.
ORBA provides you with complete, accurate, government-compliant and timely compilation and reporting, including:
- Form 5500 series preparation and filing services
- Preparation and filing services for any related retirement plan filings, such as Form 8955-SSA or Form 5330
- Preparation of required employee communications, including the Summary Annual Report
Whether you are a small business owner or an executive with a large international organization, ORBA helps ease the burden of preparing these filings. Our knowledgeable, experienced professionals prepare Form 5500 series documentation and all related employee benefit plan filings.
As part of our service, ORBA experts provide a thorough review of your employee benefit plans to spot any potential issues that may be scrutinized by regulatory authorities, such as the IRS, DOL and the Pension Benefit Guaranty Corporation (PBGC). We also offer practical suggestions to fix any compliance issue we identify. These reviews also provide us with the opportunity to look for and suggest ways that may help you improve your employee benefit plan offerings.
Retirement Plan Administration Services
ORBA’s plan administration services are designed to help small businesses plan for a comfortable and secure retirement. For more than 39 years, we’ve provided small businesses with the quality service and support needed to help prepare you and your employees for retirement.
Why Choose ORBA for Your Small Business?
Administering and managing your retirement plan shouldn’t be time consuming or worrisome. With the right expertise to help manage your plan, you can focus on running your business instead of administering plan complexities. ORBA will ensure you have a well-designed plan and a first-rate recordkeeper with the technical expertise required to help maximize plan benefits and tax deductions while ensuring government compliance. Whether you have a 401(k) or a profit-sharing plan, let us worry about the details so you can focus on other priorities.
ORBA offers small businesses a full range of plan administration services that include:
- Contribution allocations
- Year-end account preparation
- Compliance testing
- Census data updates
- Loan and distribution processing
- Plan and participant communications
- Complete, timely and accurate recordkeeping services
- Expert plan sponsor support and responsive service
ORBA’s small business employee benefits administration services are designed to work with your current benefit plan or with the one you want to grow into. Our commitment to the retirement business is accentuated by deep experience in retirement plan administration for small businesses.
Best of all, because ORBA is a certified public accounting firm, you will benefit from our independence and ethics. With ORBA, you never need to question whose interests come first. This professionalism serves as a foundation for all our small and mid-sized plan administration offerings. Our CPAs have the expertise to answer all of your retirement plan and tax-related questions.