Employee benefit plans require a highly-specialized knowledge of government regulations, federal law, and real-world implementation. This is an area where you want to ensure your accountant has years of experience.
Managing employee benefits has to be done in accordance with the Employee Retirement Income Security Act (ERISA), Employee Benefits Security Administration regulations, IRS tax codes, state laws, and Department of Labor guidelines.
Penalties may be assessed by the U.S. Department of Labor if it conducts an examination and determines that ERISA violations have occurred. Who has the time to spend learning about the ins and outs of these regulatory issues? That’s why we’re here—we figure it out and implement solutions so that you don’t have to.
Unless structured appropriately, certain distributions are potentially subject to 20% withholding and a 10% excise tax. We help clients structure benefit withdrawals to minimize these costs as well as the income and estate tax impact.
Qualifications and Experience
Over the years, we have identified certain niches in which we excel. These are areas of heavy client need, which uniquely suit the training and experience of our personnel. One of these areas is employee benefit services.
What makes us different? Our qualifications and experience speak volumes:
- We currently perform over 40 annual audits of employee benefit plans as required by ERISA or the provisions of Section RSMo 105.661.
- The plans we audit have in excess of 10,000 employees and more than $1 billion in assets, collectively.
- We provide employee benefits advice and assistance for a wide spectrum of entities, from sole practitioners to organizations with more than 2,500 employees.
- We perform employee benefits audits for a wide range of clients including corporations, labor unions, and public employee plans.
- Our firm includes four senior personnel with more than 100 years of combined experience working with employee benefits and extensive expertise. In fact, one of our staff experts is both a lawyer and a CPA, with extensive experience in the field.
- We have assisted our clients in the design and preparation of employee and trustee manuals.
- We provide compliance services including the preparation of annual Form 5500.
- We have also performed plan operational reviews and plan discrimination testing.
Employee Benefits Services Testimonials
“Hochschild, Bloom & Company LLP has handled our multi-employer collectively bargained pension plan for 40 plus years and has always been responsive to the needs of the Trustees. We have always counted on them to assist and advise us on accounting and reporting requirements.”
Kenneth Truemper, President
Graphic Communications International Union Local 6-505M
“We have always been able to rely on Hochschild, Bloom & Company to provide effective advice on our pension and other employee benefit plan needs.”
Doug Riley, Corporate Controller
Meramec Group, Inc.
“Our Board was extremely satisfied with the quality of the Trustees policies and procedures manual developed and finalized by our audit firm, Hochschild, Bloom & Company.”
Police Retirement System of St. Louis