At Torrillo & Associates, we are committed to providing comprehensive and insightful audits that ensure our clients’ employee benefit plans are in compliance with the Department of Labor Rules and Regulations for Reporting Under the Employee Retirement Income Security Act of 1974 (ERISA).

Recently, we had the privilege of assisting a new client with their uniquely designed defined benefit plan. The client was encountering issues with plan administration and compliance, and they sought our expertise to identify and resolve these issues.

Our audit of the plan’s financial statements, confirmed the client’s concerns, as several discrepancies within the plan were identified including eligibility, the calculation of benefits and the plan’s funding.

Our team worked closely with the client to identify and verify the issues, assist the client with corrections and make recommendations going forward.

Throughout the entire audit process, we maintained clear and open communication with the client, ensuring they understood the implications of our findings and common corrective actions the client could take, if necessary.

At Torrillo & Associates, our expertise in defined benefit plans, combined with our attention to detail, allows us to identify even the most complex issues and recommend effective solutions. By the end of our engagement, the client was able to implement the necessary corrections, ensuring that the plan was operated in accordance with the terms of the plan document as well as ERISA.

We take great pride in helping our clients navigate the complexities of employee benefit plans and ensuring that their plans remain compliant, accurate, and efficient. We are grateful for the opportunity to assist this client and we look forward to continuing our partnership with them in the future.

When a growing company in the biotechnology industry reached the threshold requiring an employee benefit plan (EBP) audit, they were navigating uncharted territory. With over 100 eligible participants in their 401(k) plan, they were suddenly subject to the Department of Labor’s annual audit requirement, an obligation that can feel overwhelming for a business encountering it for the first time.

That’s when they turned to our firm.

From the very first conversation, it was clear they needed not just a service provider, but a guide. Someone to quarterback the process, translating complex requirements into clear, actionable steps, while keeping the process efficient, timely, and minimally disruptive to their operations.

We began with a kickoff call to walk through why the audit was required, what it entailed, and how we would tailor our approach to their specific needs. Understanding their unfamiliarity with audit terminology and timelines, we made it a point to provide proactive education along the way. Our team provided a detailed list of the documents needed, along with explanations to help their HR and finance teams understand the “why” behind each request.

Rather than leaving the client to navigate requests on their own, we scheduled periodic touchpoints throughout the process. These weren’t just check-ins, they were collaborative problem-solving sessions. From organizing plan documents to confirming year-end census data and testing eligibility, we worked closely with their internal teams. When questions arose, we were quick to step in with guidance and alternatives, while minimizing delays.

What set this engagement apart was our commitment to being accessible and responsive. The client knew who to contact for what, and they never had to wait long for answers. As the audit progressed, their confidence grew and what initially felt like a daunting requirement became a structured, manageable process with a clear finish line.

The result? A clean audit report that was delivered well ahead of the Department of Labor’s filing deadline, with the client feeling informed, empowered, and supported every step of the way.

For first-time EBP audit clients, the learning curve can be steep, but with the right partner, it doesn’t have to be stressful. Our approach isn’t just about compliance; it’s about creating a relationship that ensures a smooth experience and adds value beyond the audit report.

When one of our long-standing clients reached out with concerns about potential late contributions to their defined contribution plan, they were understandably anxious. Timely remittance of employee contributions is a critical compliance issue under ERISA (Employee Retirement Income Security Act), and even a small delay can trigger reporting requirements and potential penalties. The client—an established mid-sized company with a strong HR and finance team—had recently discovered inconsistencies in their payroll-to-plan contribution timing.

They turned to us not only for our technical expertise in auditing employee benefit plans but also because of the trust and working relationship we had built over the years. As part of our annual audit of their defined contribution plan, we identified the late participant contributions, confirmed the timeframes involved, and immediately began discussions with management about the most effective path forward.

Our team discussed the available options for correcting the issue, including self-correction through the Department of Labor’s Voluntary Fiduciary Correction Program (VFCP). These discussions were not one-size-fits-all; they were tailored to the client’s specific circumstances, weighing their internal processes and prior history of late remittances. This allowed plan management along with their ERISA advisors to make the best decision for correction.

What made the difference, the client later shared, was the level of clarity and calm we brought to the process. We helped them to understand not just the issue but also the why and how. This gave them confidence in both the correction process and their ability to prevent similar issues in the future.

We also assisted their team with analyzing the root causes and recommend operational improvements. These included more structured payroll reconciliation procedures, better documentation protocols, and a calendar-based compliance checklist that aligned Human Resources and Finance on the deadlines prescribed by the Department of Labor for the remittance of participant contributions.

Not only were the late contributions resolved, appropriately disclosed and reported, but the company also emerged from the experience with stronger internal controls and a renewed sense of ownership over their plan’s compliance. For their leadership team, the true value came not just from addressing a problem, but from gaining insights and processes that would help them avoid future pitfalls.

This story is one of many that illustrates how we go beyond the numbers. Employee benefit plan audits require more than technical compliance—they demand a trusted partner who understands the stakes, communicates clearly, and helps build better practices. That’s what we aim to deliver in every engagement.