TIC Logo
TIC Logo
11590 North Meridian St., Suite 600
Carmel, IN 46032 - 4529
Ph: 317.580.8686 | Fax: 317.580.8699 | Email: tic@tici.com
TIC Story | Health Care | Pension | Consulting | Computer | Research
Payroll Auditing | Actuarial | Other Benefits | Service Locations | Home


ARE YOU READY FOR AN IN-DEPTH AUDIT...

BY THE IRS?

BY THE DOL?

OR BOTH?

THE IRS AND DOL ARE READY FOR YOU!!

THE IRS HAS A NEW GUIDE FOR EXAMINATION OF MULTIEMPLOYER PLANS.

THE DOL HAS ISSUED ITS INVESTIGATIVE MANUAL.

HOW BETTER TO PREPARE FOR A FULL-BLOWN IRS OR DOL AUDIT THAN TO UNDERGO A COMPLIANCE AUDIT BY AN INDEPENDENT BUT FRIENDLY THIRD PARTY.

UNLIKE THE IRS AND DOL, TIC HAS NO FINES TO ASSESS... ONLY ADVICE TO GIVE!!


COMPLIANCE AUDIT PROGRAM

For Multiemployer Health and Pension Plans

Preparing for the Audit...

The Fund Administrator will provide copies of plan documents, booklets, notices, disclosure statements, government filings, and other requested material to the TIC Research Department for compliance review. The material will be carefully evaluated prior to an on-site visit.

The On-Site Visit...

A TIC Compliance Examiner will visit on-site to review files, examine administrative practices and procedures and interview the Fund Administrator and staff. With the IRS and DOL audit guidelines as the focus, the examiner will be verifying that...

  • Documents such as SPD's and numerous required health care and pension notices are up-to-date and distributed on time
  • Participants going into payment status have been appropriately advised of all rights and options
  • Participants are properly credited with all hours to which they are entitled
  • Individual benefit payments are properly tested for limitations under IRC 415
  • The coverage requirements under IRC 410(b) are satisfied
  • Trustee policy statements on delinquent contributions, proxy voting, investment objectives, reciprocal agreements, and allowable expenses are followed
  • QDRO's and QMCSO's are properly handled
After the visit...

Following the visit, the Compliance Examiner will submit to the Fund Trustees and Fund Administrator...

  • A Compliance Audit Report of findings, including a Statement of Certification regarding the Funds' compliance with IRS and DOL standards, with a listing of specific areas of potential non-compliance and suggestions for improvement
  • A Special Report to Fund Counsel, if needed, commenting on legal matters that seem to deviate from normal legal practices of other similar multiemployer funds
For more information about TIC's Compliance Audit Program and to receive a sample contract and fee quotation, please call, fax, or write to:

United Actuarial Services, Inc.
Director of Research
11590 North Meridian St., Suite 610
Carmel IN  46032-4529
Phone:  317.580.8670
Fax:  317.580.8651

For more information, please email TIC at tic@tici.com.