Annual Survey Indicates Bay Area 401(k) Plans are Rebounding

In a new report released by Mohler, Nixon & Williams, “2012 Northern California 401(k) Plan Survey Report,” key findings show that Bay Area employers are reporting growth in their employee benefit plans.

“As the economy rebounds, we’re continuing to see a trend of employers restoring 401(k) benefits offered to their employees,” said Liana Felix, leader of the employee benefit plan audit practice at Mohler, Nixon and Williams. “A few years ago we saw some smaller and mid-sized companies eliminate or decrease benefits such as the 401(k) match. But this year’s survey indicates that companies are starting to reinstate the employer match.”

The 2012 survey added new questions to address some recent developments in employee benefit plans. “The Department of Labor will require companies that offer employee benefit plans to obtain and disclose more details about fees to their plan participants in 2012,” noted Brad Wall, audit partner at Mohler Nixon & Williams. “Our survey asked companies if they are prepared to comply with the new requirements by the upcoming deadline. Our survey found the larger the company, the more prepared they are for the new requirements.” In addition, the 2012 survey asked companies if they received any inquiries from the IRS or Department of Labor. “We’re hearing that the IRS and DOL have become more active in auditing employee benefit plans,” Wall added, “so it was not surprising to see this reflected in the survey as well.”

Survey

To download a free copy of the “2012 Northern California 401(k) Plan Survey Report,” visit http://www.mohlernixon.com/401k-survey-2012.htm.

About Mohler, Nixon & Williams

Mohler, Nixon & Williams is the premier accounting and tax advisor to the Bay Area’s fast-growing companies and investors. Whether a company is just starting, or well-established, Mohler, Nixon & Williams provides audit, tax, outsourced accounting and employee benefit plan audit services. Mohler, Nixon & Williams is one of the largest locally-based CPA firms in California, and one of the Top 100 largest accounting firms in the United States. Please visit the firm’s website at www.mohlernixon.com.