Free Employee Benefit Plan Audit Checklist

This comprehensive tool is designed to ensure that your employee benefit plan is effectively managed and compliant with regulations. By utilizing this checklist, you can systematically review various aspects of your benefit plan to identify any areas needing improvement or attention. Whether you're conducting an internal audit or preparing for an external audit, this checklist will guide you through the essential steps to maintain the integrity and efficiency of your employee benefit program.

Plan Governance:

• Are plan documents up-to-date and readily accessible?

• Is there a clear process for fiduciary oversight?

• Are fiduciaries fulfilling their responsibilities effectively?

Participant Eligibility and Enrollment:

• Are eligibility criteria clearly defined and consistently applied?

• Is the enrollment process transparent and accessible to all eligible employees?

• Are notifications provided to eligible employees regarding enrollment opportunities?

Contributions and Vesting:

• Are employee contributions accurately recorded and timely deposited?

• Are employer contributions in accordance with plan terms and timely deposited?

• Is vesting information communicated accurately to participants?

Investment Management:

• Is the investment lineup diversified and suitable for participants?

• Are investment fees reasonable and adequately disclosed?

• Is there a process for monitoring investment performance and making adjustments as needed?

Plan Administration and Recordkeeping:

• Are administrative tasks performed accurately and in a timely manner?

• Are participant records maintained securely and confidentially?

• Is there a process for addressing participant inquiries and concerns promptly?

Compliance and Reporting:

• Are required filings (e.g., Form 5500) submitted timely and accurately?

• Are plan operations in compliance with ERISA and other regulatory requirements?

• Is there a process for addressing any compliance issues identified during audits or reviews?

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