Employee Benefit Plan Audits

Pension

A pension plan is something an employer and employee put into place so that the employee receives money after retirement. This typically comes from an investment fund that either the employee, employer, or both contributed to during the employee’s time actively working at the company.

Profit Sharing

A profit sharing plan provides employees with a share in their company’s profits. This means that the employee will receive a percentage of the company’s profit, depending on the company’s yearly or quarterly earnings.

401(k)

A 401(k) plan is another kind of retirement plan in which employees can invest a portion of their paycheck before taxes are taken out. You can find a great, in-depth explanation of a 401(k) plan here.

403(b)

Also known as a tax-sheltered annuity (TSA) plan, is a retirement plan for those who work at certain tax-exempt organizations. This is also includes some public-school employees and ministers. They are retirement plans in which the employees can invest in mutual funds or annuities.

Employee Stock Ownership Plans

Also known as ESOPs, are plans in which employers will create accounts for their employees participating in the plan and invest in the company’s stock on their behalf. The employers will maintain the account for their employees as well.

Employee Benefit Plans

These plans entail any benefits an employer provides their employees outside of their salary. Some examples of benefits include:

• Health Insurance Options or Plans
• Dental Plans
• Vision Plans
• Fringe Benefits
• Relocation Assistance
• Tuition Assistance