Utah 401k Audits

401(k) plans have become one of the most common retirement plan options offered by Utah employers. It’s so popular that most have come to expect it, or a similar employee benefit plan, to be offered as part of the compensation package. There are a variety of plan options for employers to select from, and finding one with the right benefits (and cost structure) is essential. Many face a challenge when the plan grows and meets the minimum requirement to undergo a Department of Labor (DOL) ERISA Audit. Others who have been through a plan audit may have service issues with their provider. Whatever the case, it’s important to work with an auditor with experience and a dedicated commitment to the plan audit specialty.

ERISA Experience

Calvetti Ferguson provides plan audits to 80 benefit plans, including 401(k), defined benefit plans, ESOP’s including limited and full scope audits. We are also in the top 2% of firms that audit employee benefit plans in the United States. We work with plans that are single or multiple employers and have experience serving plans with an 11K filing requirement. The firm provides services to benefit plans with asset sizes ranging from $1M to $1B and a total participant count between 100 and 30,000.

Our firm is a member of the AICPA Employee Benefit Plan Audit Quality Control Center. Maintaining membership is voluntary, and it permits our team members to receive advanced training on regulatory changes. Our involvement reflects our commitment to delivering quality plan audits.

ERISA Audit Services

Our 401(k) plan audit services include:

  • Comprehensive audit services, including testing participant account balances to verify their accuracy and completeness.
  • Form 5500 preparation and review.
  • Preparation and submission of required 11k filings.
  • Plan design options, information, and recommendations.
401(k) Plan Features

Analytics on plan features most commonly offered by employers, including:

  • Employer MatchingAccording to a BLS Survey, in plans with an employer matching feature, 42% of respondents indicated an employer match of less than six percent while 48% have an employer match of 6% of earnings. The most common rate of the match was $.50 for each participant dollar contributed.
  • Investment Optionsthe same survey also discovered that 86% of employees participating in 401(k) plans were given a choice in investment options. The number of options varied from 2 to 10 choices and contribution splitting is allowed.
  • Loans & WithdrawalsAnother interesting finding was the number of plan participants that were eligible for a plan loan. According to the survey, 51% of participants were eligible for a plan loan. It was also discovered that 33% were able to take, penalty-free, hardship withdrawals for qualifying life events.
  • Distribution OptionsIt was also uncovered that 91% of 401(k) plans permit a lump sum payment of benefits upon retirement. Many are allowed to choose the payout methods including a lifetime annuity or payments over an agreed-upon period.

    Source: Bureau of Labor & Statistics – Employee Costs and Risks in 401(k) plans

    Contact Our 401k Audit Team

    Calvetti Ferguson works with companies, private equity firms, and high-net-worth individuals nationwide. Regardless of the complexity of your compliance, assurance, advisory, or accounting needs, our team is ready to help. Please complete the form below, and we will follow up with you shortly.

    Below is a list of essential facts about Utah (UT), including;

    • Utah’s economy employs 1.6M people.
    • Technology: Utah’s technology sector, often referred to as Silicon Slopes, includes companies in software development, information technology, cybersecurity, and life sciences. This sector employs over 300,000 people and continues to expand rapidly.
    • Healthcare: Utah’s healthcare sector includes hospitals, clinics, outpatient care centers, and social assistance programs. It employs approximately 140,000 people and benefits from a growing population and healthcare needs.
    • Finance: Utah is a regional financial center, with a robust presence of banks, credit unions, insurance companies, and financial services firms. This sector contributes significantly to the state’s economy, employing around 120,000 people.
    • Cities with Booming Economies:
    • Salt Lake City: As the capital and largest city, Salt Lake City anchors Utah’s economy with a diverse range of industries including technology, finance, healthcare, and professional services. It’s a hub for corporate headquarters and regional offices
    • Provo: Located in Utah County, Provo is known for its strong technology sector, driven by companies like Qualtrics and Vivint Smart Home. It’s also a center for education and research with Brigham Young University (BYU).

    Source: Utah Department of Workforce Services