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An employee benefit plan is created by a series of important decisions that can have an impact long into the future – yet it must take into account the fact that business conditions, regulations and trends will all change and play a part along the way.
REDW offers a range of services related to employee benefit plans – from designing and customizing a plan for your particular organization, to reviewing your current plan’s structure in order to identify and resolve any problems, to providing quality benefit plan audits.
Recognizing that legislation and accounting rules governing employee benefits are complex and constantly changing, REDW provides comprehensive audit and consulting services to meet compliance and ensure technical soundness.
We have considerable experience in auditing tax-deferred, defined benefit, and other retirement plans. We have provided employee benefit plan audit services to clients ranging in size from $300,000 to $400 million in total plan assets, with the number of participants ranging from 100 to 14,000 employees.
Beyond the assets held by the plan, REDW designs audit procedures to test the completeness of participant data, especially as it relates to eligibility and the calculation of contributions remitted to the plan, to ensure the right employees are getting the right amount in a timely manner.
REDW has been a member of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC) since its inception. As part of our commitment to maintaining the expertise demanded by this highly technical area, we take advantage of the many resources EBPAQC offers to enhance the quality of our audits.
Don’t need an audit? Even if your plan isn’t required to conduct an audit, things can and do go wrong. Our team can help you identify common errors and apply specific procedures such as:
- Testing participant eligibility and the plan’s internal policies and procedures related to determining eligibility
- Testing the calculation of employee deferrals and employer contributions for accuracy and to determine if the amount was properly credited to the participant’s account
- Determining whether participants are eligible for a distribution and that the proper vesting percentage was applied
- Testing compliance with the plan document
- Validating the reliability of information provided to management and by management
- Providing recommendations for best practices
REDW’s sister company, ABG Southwest, is a member of one of the largest retirement plan administration networks in the country, the Alliance Benefit Group. ABG Southwest offers a range of retirement plan services tailored to meet the needs of each unique client.
First, we work with you to understand your objectives. We analyze your business and personal goals, tax and financial reporting requirements, legal issues, cash-flow implications and administrative protocols. Next, using information unique to your business, we design a practical and cost-effective retirement plan precisely fitted to your business. Our experienced professionals are committed to providing the best possible service to help you and your organization succeed.
Nationally, members of the Alliance Benefit Group provide administration for more than 14,000 retirement plans, representing over one million participants and over $56 billion in assets.
Employers, ERISA plan administrators and human resource personnel are often named fiduciaries to employee benefit plans. Whether it’s a defined benefit plan, 401(k), 403(b) or another type of employee benefit plan, both employees and plan fiduciaries will benefit from investment advisors who adhere to good fiduciary practice. REDW Stanley’s investment advisory practice follows the highest fiduciary standards promulgated by the Center for Fiduciary Services.
Whether you are interested in our unique investment process that utilizes investment vehicles best suited to your particular plan … our transparent and fee-only structure … our fiduciary education modules … or our individualized education programs, you will find our many retirement plan professionals eager to help you find the best service alternatives and investment vehicles for your plan(s), including:
- Participant risk profile analysis
- Managed model strategies
- High-quality, low-cost mutual fund offerings
- Preparation of 404(c) notices
- Individualized participant advice
- Retirement readiness planning
- Investment policy statement
- Customized educational models delivered in any number of ways
- Fund performance analysis and monitoring
- Retirement committee fiduciary training
- RFP analysis and consulting services (when REDW Stanley is “not a provider”)
- Plan cost and fee analysis
REDW Stanley Financial Advisors LLC, an SEC-registered subsidiary of REDW LLC, will act as either an ERISA 3(21) or 3(38) advisor, depending on the needs of the organization. Minimum fees may apply.