Introduction
Rockford businesses seeking to attract top-quality talent to their organization typically offer a 401k or other employee benefit plan as part of their benefits package. Ensuring that employees have access to a retirement (401k) plan is essential not only to successful recruiting but employee retention. The challenge many face is when the plan becomes large enough to require an ERISA audit. Finding an accounting firm that has the technical knowledge and experience to audit the plan and provide valuable insights can be challenging. While there are many providers that offer the audit service, far fewer have the diverse knowledge to deliver insights that extend beyond the audit checklist.
Our Experience
Selden Fox currently performs approximately 40 employee benefit plan (401(k)) audits, including including for companies with locations in the Rockford (IL) area . Generally speaking, we perform plan audits for Rockford area 401k plans with asset sizes of less than $1 million to more than $150 million and participant counts of 100 to 1,000.
Our experience includes conducting plan audits for a variety of plan types, including:
Rockford Employment Trends
The data below demonstrates which industries are employing the majority of Rockford residents. Many, if not all of these industries leverage 401k and other benefit plans as part of their employment benefits package.
- 24.4% Employment in Manufacturing
- 14.4% Employment in Healthcare & Social Assistance
- 6.13% Employment in Educational Services
- 10.9% Employment in Retail Trade
- 6.84% Employment in Food Service
- 4.55% Employment in Administrative Support
- 4.2% Employment in Transportation & Warehousing
- 2.98% Employment in Finance & Insurance
Source: Rockford Area Economic Development Council
Why Selden Fox?
We personalize our audits for each client focusing on those areas that represent the most significant business risks to the client. Our risk-based approach seeks to gain an understanding of our client, their environment, and their existing controls to identify the greatest risk areas from the onset of the audit. This allows us to focus on those areas and identify the relevant link between the assessed risks and the nature, timing, and extent of the audit performed. This tailored approach results in our clients:
Contact Our Rockford 401k Audit Team
Selden Fox performs employee benefit plan audits throughout the Rockford IL area. If you are interested in knowing about how our benefit plan auditors can assist your organization, please complete the form below, and we will get back to you shortly.