The Financial ABC’s and 123′s of Employee Benefit Plans for the HR Professional
December 11, 2013 - By: SC&H Group
In today’s world, Human Resources (HR) professionals that deal with 401k and other employee benefit plans tend to be very well versed in how to operate their benefit plan. Who is eligible? What did a person elect to contribute? How do I process contributions through payroll? How do I process a participant loan? Is a participant eligible for a distribution? The list goes on and on.
However, there is another very important component to employee benefit plans, namely defined contribution and defined benefit plans. The finances and investments!
- Why is it important to understand the finances of a plan
- How to read a set of statements prepared by the plan’s custodian or record keeper
- The type of financial areas tested and encountered during an annual audit
- How to interpret a Form 5500