Employee Benefit Plans

In recent years, the Employee Benefit Plans area has exploded with new information and new regulations due, in large part, to the Affordable Care Act (ACA), as well as the changes in rules and regulations associated with pension plans. MichaelSilver provides a broad range of expertise and services designed to help navigate this challenging and often confusing area. We are proud of our capability to provide our clients with a “larger firm’s” experience, but with all of the benefits of a “smaller firm’s” responsiveness.

Employee Benefit Plans Consulting

MichaelSilver offers a wide variety of consulting services related to Retirement Plans, Health & Welfare Benefit Plans, and other employee benefits. Whether you are in the planning stages, need assistance with implementation, or need basic compliance assistance, we can help. Our consulting services include:

Retirement Plans

  • Assistance with Plan implementation and design, for both large company and individual plans
  • Assist Plan administrator(s) ensure familiarity and compliance with the Plan document, as well as well as choose investment advisors or Third Party Administrators (TPA)
  • For companies within the 100 – 120 participants range, we partner with you to manage your exposure to audit requirements
  • Compliance checks to identify areas of non-compliance and recommendations to improve your plan’s compliance, including correction of eligibility and vesting requirements and participant loan errors
  • Determination of plan applicability related to controlled groups
  • Assistance with Voluntary Compliance Submissions to correct plan errors in the most effective manner and avoid costly IRS or Department of Labor penalties
  • IRA analysis, including benefit of deductible versus Roth contributions, traditional to Roth conversions, and beneficiary designations
  • Calculations of required minimum distributions (RMDs), assistance with reporting of missed RMDs, and assistance to minimize penalties on early withdrawals from IRA or retirement accounts
  • Assistance with wind-down of plan operations

Health and Welfare Benefit Plans

  • Applicability of the Affordable Care Act to your business
  • Analysis of self-insurance vs. fully-insured plan
  • Effect of offering employees additional compensation in lieu of insurance benefits
  • Guidance on understanding the nondiscrimination rules
  • Assistance with understanding and setting up of HSA accounts and HSA compatible plans
  • Assistance with setting up cafeteria plans, including analysis of benefits to the company and employees
  • Differentiation of benefits for most employees vs. owners and highly-compensated individuals
  • Utilization of HSA versus FSA account for employees

Other Employee Benefits

  • Executive Plans, including Phantom Stock: plan design, implementation, and annual calculations
  • Deferred Compensation Plans: design, implementation, and annual calculations
  • Stock options: analysis of tax consequences of exercise and sale
  • Salary Reviews – comparables
  • Employee vs. Independent Contractor Analysis for applicability of benefits
  • Assistance in establishing an appropriate employee expense reimbursement plan
  • Financial Statements for Employee Benefit Plans

Financial Statements for Employee Benefit Plans

Our team of Accounting and Audit professionals can provide the year-end compliance and financial statement services specific to satisfying the requirements dictated by the Employee Retirement Income Security Act (ERISA). We work closely with your in-house staff to provide guidance and advice on how to prepare for this type of financial statement engagement. We are committed to understanding our client’s unique circumstances to provide quality and reliable financial statement services.

Tax Compliance for Employee Benefit Plans

In addition to our consulting services, MichaelSilver can also manage all of the Plan’s tax compliance reporting needs, including:

  • Preparation of Forms 5500, 5500-SF and 5500-EZ, as applicable
  • Preparation of Summary Annual Reports
  • Assistance with IRS or DOL matters, including handling plan audits and preparation of responses to tax notices
  • Assistance with preparation of employee census information for actuaries, for the proper annual contribution calculations to be prepared
  • Working with Investment advisors or TPA firms to determine tax benefit of different contribution options
  • Preparation of participant statements, when not supplied by investment advisor or TPA firm
  • Preparation of or assistance with preparation of Form 5530 for reporting of late deferrals or other prohibited transactions
  • Preparation of Form 1099-R and Form 945 to report participant distributions and any related withholdings
  • Preparation of required reporting for PCORI fees


To learn more, please contact MichaelSilver’s Employee Benefit Plans Group leaders, Jennifer A. Barliant, CPA, CGMA, Managing Partner or Laurie Kaplan, CPA, Partner, at 847-982-0333 or contact us.

Employee Benefit Plans

Retirement Plans

  • Pension
  • Profit sharing
  • 401(k)
  • Individual Retirement Accounts (IRA)
    • Traditional
    • Roth
  • Self-Employed
    • Individual 401(k)
    • SEP

Health and Welfare Benefit Plans

  • Fully-insured
  • Self-insured
  • HSA and HSA compatible
  • Cafeteria
    • Premiums
    • FSA
    • Dependant Care

Other Plans and Services

  • Deferred Compensation
  • Phantom Stock
  • Stock Options
  • Reimbursed Business Expenses