Multiemployer (Taft-Hartley) Benefit Plan Audit

A multiemployer benefit plan audit is an independent examination of the financial statements of a Taft-Hartley plan jointly governed by labor and management, conducted to satisfy the reporting requirements of ERISA and the Department of Labor. It covers employer contributions across many participating employers, benefit payments, plan assets, and internal controls, and results in an opinion on whether the financial statements are fairly stated.

Multiemployer plans are maintained under collective bargaining agreements and can be pension, health and welfare, or other benefit funds.

Multiemployer plans are generally subject to audit because of their size and structure, regardless of the small-plan exceptions that apply to single-employer plans.

• Pension and health and welfare funds established under collective bargaining agreements.
• Funds receiving contributions from multiple participating employers.
• Plans jointly administered by union and employer trustees.
• Apprenticeship, training, and other jointly trusteed benefit funds.

• Employer contributions and reported hours across participating employers.
• Delinquent contribution identification and collection activity.
• Benefit payments, eligibility, and reciprocity between funds.
• Plan assets, investment activity, and valuation.
• Internal controls and compliance with the trust agreement.

Modus helps you get your multiemployer plan audit done at the speed of business. Its AI-native platform automates the most time-intensive fieldwork and reconciles contribution and hours data across many employers, which is how a Modus-supported audit can target a turnaround of roughly four weeks. Workpapers are source-linked, so each figure traces back to its supporting document.

That efficiency changes your experience. Modus’s platform cuts the document requests and questions your team fields, so your fund office and administrator spend less time servicing the audit.

• Top-firm audit rigor at a middle-market price.
• A target turnaround of roughly four weeks to keep your Form 5500 deadline comfortable.
• Source-linked workpapers that tie contributions and hours to employer remittance records.
• Up to roughly 50% fewer questions for your fund office during fieldwork.