What's one way to get a multiemployer benefit plan working more effectively?
A payroll audit.
To ensure benefit plans are being funded correctly, trustees collect contributions from employers. How do trustees know they are receiving the proper amount of employer contributions? Through a payroll audit.
Why is a payroll audit important? A payroll audit looks at hours and wages reported by an employer for work that was done. Hours and wages are compared to employer contributions, making sure correct contributions are being received. This allows the benefit plan to work as effectively as possible.