Attracting Talent Starts with a Strong Plan
Attracting talented and qualified employees to carry out the Credit Union’s mission of member service is a key driver of the organization’s success. Developing a competitive benefit package is a critical element in building an effective credit union team.
One essential component of that package? The Employee Benefit Plan (EBP) audit.
Why EBP Audits Matter
In a constantly evolving regulatory environment, EBPs can get complex fast. That’s where SingerLewak’s Credit Union Services Group steps in—helping you navigate those complexities safely and efficiently.
Expertise Makes the Difference
As with any audit, success comes down to your audit team’s experience and insight.
“Too many companies engage auditors who don’t have an in-depth understanding of plan provisions or compliance,”
— Sheila Balzer, Partner and Credit Union Expert at SingerLewak
That lack of expertise can lead to long, difficult audits—or worse, audits with major deficiencies.
“30% of EBPs had one or more major deficiencies, according to a Department of Labor study,” Sheila notes.
“If that percentage applies nationwide, more than 1,400 credit unions could be at risk.”
Know the Compliance Threshold
If your plan has 100 or more employees or former employees with account balances, you’re required to attach audited statements to your annual Form 5500 filing.
The Department of Labor focuses on ensuring EBPs comply with the Employee Retirement Income Security Act (ERISA). Being ready for a DOL review is not optional—penalties, litigation, and fees can follow if you’re not.
Specialized Audits Require Specialized Partners
“The DOL study found that firms performing five or fewer EBP audits per year had significantly more deficiencies than those performing more than five,” Sheila explains.
That’s why it’s critical to work with a firm that lives and breathes credit union audits—a firm that has the depth, time, and tools to give your plan the full attention it deserves.
Ready to Talk?
A consultation with a SingerLewak representative can be requested by completing the form below.
