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| Employee Benefits Team |
| Within Somerset’s
Employee Benefits Team, we have professionals and technical specialists
who have been brought together to form a technical resource center to
support our vision of managing Employee Benefit Plans for our clients.
Your Problem Solver - Hoping that your employee benefit plans are operating according to their terms and within the law is not enough. What you don’t know can hurt you. A program of regular review and analysis of your plan documents and their operation is essential to keeping your plans healthy. Major changes in benefits law within the past 25 years means that what worked in the past may no longer work today. The correction programs sponsored by the IRS are structured to provide financial incentives to plan sponsors for finding and correcting mistakes earlier rather than later. Your Trusted Advisor - Look to Somerset CPAs when you need advice and guidance on simple benefit matters—such as understanding the basic operation of your plan, to more complex matters—such as dealing with transitioning benefits in a corporate merger or acquisition. |
| Our Services |
| Advisory and Consulting Services Consult with and advise plan sponsors with regard to legislative and regulatory activity. Employer Reviews Review employer plans on-site for compliance with IRS/DOL laws and regulations. Plan Research Research any topic that may concern ongoing administration of any pension or welfare benefit plans. Representation before IRS, Governmental Agencies, Auditors, etc. Represent the plan before the IRS, governmental agencies, auditors, etc., to resolve plan defects. 5500 Filings Required annually for each employee benefit plan (subject to ERISA requirements) that must be reported to the Department of Labor and the IRS. DFVC Filings The Delinquent Filer Voluntary Compliance Program may be utilized for any 5500 filing that has not been filed in a timely manner. Plan Analysis & Design Recommendations Review new or existing plan design features and options, giving consideration to client needs or objectives, in accordance with government rules and regulations. Compliance Reviews Review plan design as it relates to administrative practices to ensure that the plan is being administered properly and that the plan complies with governmental rules and regulations. 5300 & 5307 Favorable Determination Letter Filing As needed for new plans, restated plans or amendments resulting from legislative changes. 5310 Termination Determination Letter Filing As needed when initiating termination of a qualified pension plan. 5330 Return of Excise Tax Filing As needed for failure to timely remit contributions to employee benefit plans. Form SS4 - Employer Trust ID Number To obtain a Trust Identification Number for sponsors of prototype plans or plans with a loan provision. Plan Documents and Amendments Document/amendment drafting for employer funded and ERISA complying TDA plans and employer funded, voluntary and top hat deferred compensation plans. Summary Plan Descriptions (SPD) and Summary Material Modifications (SMM) SPD and SMM drafting for pension and welfare benefit plans. Mergers/Acquisitions Provide guidance on requirements that must be considered during a merger or acquisition. Assist with complying with requirements, along with coordinating necessary plan instruments and participant notifications. Takeovers Review existing plan instruments to ensure that the plan is in operational compliance prior to takeover, coordination of sub-account availability and the transfer of assets and document drafting. Governmental Requirements/IRS Guidelines/General Research Research, discussion, notification and implementation of IRS notices, regulations, procedures and publication as required or requested. Financial Statement Audit Services Both full and limited scope DOL compliance audits and SEC Form 11-K filings. |
| AICPA Employee Benefit Plan Audit Quality Center |
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Somerset CPAs is a member of the American Institute of Certified Public Accountants’ (AICPA) Employee Benefit Plan Audit Quality Center for CPA firms. This is a national community of CPA firms that demonstrate a commitment to employee benefit plan audit quality and raise awareness about the importance of employee benefit plan audits.
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| Contact Us |
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Find out how Somerset CPAs can provide high-quality employee benefit plan services. Call Jay Feller, Ben Kimmerling, Yvette Ward or Susan Hitch at 317-472-2200 or 800-469-7206 today and request a complimentary initial consultation. |
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