Payroll Compliance Audits

Trustees and participants alike agree that an ideal multi‐employer benefit plan is one in which every employer abides by all requirements of the collective bargaining agreement.

Unfortunately, this is rarely the case, whether by accident, error, or intention.

To keep things running smoothly for everyone involved, Albanese Sinchar Smith & Co. digs deep to find any reporting errors that might lead to underpayments.

Albanese Sinchar Smith & Co. provides thorough payroll compliance audits, helping trustees meet their fiduciary duties by keeping member employers accountable.

The Necessity of Compliance Audits

The Employee Retirement Income Security Act (ERISA) of 1974 mandates that the board of trustees for any multi‐employer benefit plan assumes the responsibility of collecting delinquent employer contributions.

  • Failure to do so may lead to the members of the board being held personally liable for missing funds.
  • The Department of Labor has increased its enforcement of payroll compliance audits in recent years.  Are you ready?
  • In the absence of a compliance audit, your regular audit may be disqualified.
  • Albanese Sinchar Smith & Co. is ERISA experienced and well versed in the requirements of compliance audits.

The Benefits of Compliance Audits

Payroll compliance programs are beneficial in helping trustees to be assured their plans are meeting ERISA requirements, including:

  • Determining whether the plan is receiving the correct level of employer contributions
  • Determining whether the plan has complete and accurate records for participants
  • Serving notice to all involved that the trustees are actively monitoring the collection of contributions

To learn more about how we can keep you on track and free from liability, call us at 724.863.4261 or fill out our contact form today.

Why Albanese Sinchar Smith & Co.?

Where few accounting firms offer staff trained in compliance, at Albanese Sinchar Smith & Co., we currently have 4 staff members dedicated to compliance audits.  You can trust our auditing firm to be thorough, ensuring that you receive all of the contributions your plan is due.

  • Albanese Sinchar Smith & Co. works closely with your fund’s legal counsel and staff to assure the safeguarding of fund assets.
  • We put together a solid program to ensure that every employer is audited at regular intervals, as well as held accountable through randomized checkups.
  • Our customized, flexible approach makes certain we meet the specific contract terminology of your trust’s bargaining agreement.
  • We closely monitor the revenue earned through our auditing programs, and in turn make recommendations on changes to the yearly audits that your organization should be performing.
  • We work with new employer members to help them better understand what records to keep, as well as how the benefit plan operates.

Problems we help bring to light include:

  • Clerical errors.
  • Failures to report.
  • Changes in employee coverage status.
  • Intentional deficiencies and covers, including disguised work hours, undocumented payments, and more.

Call us today at 724.863.4261 or fill out our convenient contact form to learn more about our payroll compliance audit programs for multi‐employer benefit plans.