Employee Benefit Plans

Novak Birks provides evaluation and reporting services for organizations that have established employee benefit plans for their employees or members. Employee benefit plans, such as pension plans, have some of the characteristics of a legal entity. ERISA provides minimum standards for employee benefit plan regarding:

Plan funding Vesting of benefits Behavior of managers

Record-keeping obligation Financial reporting responsibilities

The Act also requires an annual audit of the financial statements of plans with 100 or more participants. Employee benefit plans that are not exempt are required to file an annual report to the U.S. Department of Labor. The report includes Form 5500 Annual Return/Report of Employee Benefit Plan, applicable schedules, financial statements, notes to the financial statements, and auditor's reports.