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Form 5500 Salt Lake City Utah: What You Should Know
The ERICA Audit Services program is designed to provide your employee plan with the information and services required by ERICA in order to comply with the requirements of the Employee Retirement Income Security Act (“ERICA” or the “Act”). In our comprehensive review process, we focus on the following areas: 1. Employer eligibility (i.e. is the employer an eligible enterprise?) 2. Plan information (e.g. number and type of plans in the plan, beneficiary demographics) 3. Plan data (e.g. annual participant fees, annual service charges, and contribution amounts) 4. Compliance with ERICA with respect to: a. the plan; b. contribution, withdrawal, and payment frequency rates; c. age determinations; d. investment selection criteria; For a complete description of the ERICA Audit Services program, please refer to ERICA's FAQ's. ERICA Audit Services will also review ERICA Form 5500 reports submitted by employees. If a report indicates that an employer does not meet the employee's eligibility criteria, ERICA will make all reasonable efforts to obtain more information on the employer's compliance with the Act. If an employer fails to provide these additional necessary data, and if an employee still wishes to make the ERICA Audit Services report, the report may not be completed. In such cases, as a result of our investigation, an official notice of noncompliance will be sent to the employer indicating as much and directing the employer to correct any deficiencies before an ERICA Audit Services report can be completed on the employer. In addition, the notice will include a letter to the employee requesting the name, address, and phone number of a human resources individual to contact regarding the employer's compliance program. ERICA also will not take any action against any employer for failing to provide ERICA access to documents that were provided to it by the company or for failing to comply with the Act. If the employer does not correct the deficiencies, we will not proceed with a report that ERICA requests, and will include an official notice of noncompliance with the Act. To learn more about ERICA's ERICA Audit Services report process, please review our ERICA Audit FAQs In order for your eligible employee benefit plan to be audited by ERICA, you must obtain documentation (written or electronic) from the employer about their Employee Benefits Plan.
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