Certified Public Accountants
Employee Benefit Plans
Jacobson Jarvis provides evaluation and reporting services for not-for-profit organizations that have established employee benefit plans for their staff.
Employee benefit plans, such as pension plans, have some of the characteristics of a legal entity. The Employee Retirement Income Security Act of 1974 (ERISA) provides minimum standards for employee benefit plans regarding:
- Plan funding
- Vesting of benefits
- Behavior of plan managers
- Record-keeping obligation
- Financial reporting responsibilities
The 1974 Act also requires an annual audit of the financial statements of plans with 100 or more participants.
Employee benefit plans that are not exempt are required to file an annual report to the U.S. Department of Labor (DOL). The report includes Form 5500 Annual Return/Report of Employee Benefit Plan, applicable schedules, financial statements, notes to the financial statements, and, if required, auditor's reports.
Both the IRS and DOL can impose heavy penalties for late filing or failure to file.
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Financial Reporting Services