Event Details
Avoiding Pitfalls in ERISA Audits (Breakfast Meeting)
| Date: | February 14, 2012, 7:30am – 9:00am |
| Organizer: | Sponsored by PNC Bank |
| Location: | Our meeting site is at the River Creek Country Club (http://www.rivercreekclub.com/), in Leesburg. The clubhouse is a 30,000 square foot building and is situated at the end of Olympic Boulevard. It provides an incredible natural gallery for guests to watch golfers finish the 18th hole and capture the breathtaking beauty of the historic Potomac River. The picture below is the view from the back of the Country Club. Directions to the site from Route 7 headed West: Turn right onto River Creek Parkway . Travel approximately 1.5 miles to the River Creek Development . Go through the security gate and follow Olympic Blvd to the end (you can let the attendant at the gate know that you are there for a meeting). You will see River Creek Club. Parking is on the right. |
| Price: | $30 Members ~ $20 Members in Transition ~ $40 Guests |
| Event Type: | Meeting |
Presentation - Avoiding Pitfalls in ERISA Audits
The session will focus on how Human Resources can ensure they are prepared for an efficient ERISA audit of a benefit plan. Coordination within the plan sponsor as well as with third party service providers is essential to an efficient audit.
The session will also discuss some of the errors most frequently detected in ERISA financial statement audits of benefit plans, and how to prevent them. Problems that will be discussed include:
- Monitoring of outsourced service providers (e.g. recordkeepers, custodians) by the plan sponsor
- Updating the plan document to comply with the most recent requirements
- Ensuring that the definition of compensation applied in administering the plan is consistent with the plan document
- Performing discrimination testing and addressing any failures
- Remitting participant contributions on a timely basis
- Following plan’s eligibility requirements
- Calculating employer contributions in accordance with the plan document
The session will be designed to provide useful information to Human Resource professionals whose plans currently require an audit, as well as those whose plan may be approaching the audit threshold. Anyone responsible for oversight of an employee benefit plan will benefit from the discussion of the frequent errors, as those types of errors can occur in a plan of any size.
Our Speaker:
Diane Walker is a partner with Johnson Lambert & Co. LLP specializing in the audits of employee benefit plans and insurance entities. She serves as engagement partner or quality review partner on the majority of the firm’s employee benefit plan audits. Her employee benefit plan client experiences have included single and multi-employer defined contribution, defined benefit and health and welfare plans; numerous plans with one sponsor and various service providers; 11-k filings; and master trusts. Diane’s extensive insurance industry experience provides further insight into plan contracts with insurance entities.
In addition to her client service responsibilities, she oversees the quality of the firm’s employee benefit plan audit practice and is the firm’s partner in charge of quality control. In these roles, Diane designs and teaches training on audit and accounting matters and oversees the development of the firm’s industry-specific audit programs and practice aids. Diane’s professional activities include serving as a member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Plan Expert Panel. Diane earned a B.B.A. from the College of William & Mary.
Thank you to our Sponsor, PNC Bank!!
