Audit Relief™ Terms and Conditions

Introduction

The following are terms of an enforceable contract between you and Human Interest Inc. (“HI”) for HI’s Audit Relief services (“Audit Relief”).  Your opt-in to Audit Relief constitutes your acceptance of these terms.

HI will provide Audit Relief to qualifying plans (“Plans”) conditioned on your compliance with these terms and conditions and, to the extent applicable, the HI Terms of Service.

Defined Terms

In this agreement, “you” and “your” refer to the entity(ies) shown on your Order Form with HI.

  • “Active Status” means that a Plan is making regular contributions and the Plan’s sponsor is in regular contact with HI, including but not limited to responding to outreach from HI in a reasonable period of time. A Plan not making contributions for any reason (including plan freeze, in-process termination or completed termination) is inactive.

  • “Audit Fees” means fees charged by the Auditor to perform the Plan Audit for the applicable Plan Year.   Audit Fees expressly excludes additional fees charged by the Auditor (i) related to the Plan sponsor’s or Auditor’s errors, delays, fraud or other administrative issues (e.g., missed or late payroll contributions) or (ii) related to atypical events or demographics during the Audit Year (e.g., mergers or spin-offs, multiple payroll providers, controlled groups, leaving HI).

  • “Audit Relief” means (i) a proprietary data and document package with record keeping, payroll, and custodial data about a Plan prepared each Plan Year for the Auditor and (ii) a credit against HI’s based administration and per employee fees equal to the Credit Amount that is accrued in monthly installments and issued to the Plan before the Auditor’s invoice is due for each Plan Year.  The Plan’s sponsor hereby directs that the credit be used to pay the applicable Plan Year’s Audit Fees.

  • “Auditor” means an independent qualified public accountant that performs Plan Audits.     

  • “Credit Amount” means the annual credit amount communicated to the Plan’s sponsor at the time of initial opt-in to Audit Relief and each annual opt-in thereafter.

  • “Plan Audit” means the annual financial audit of a Plan by an Auditor performed when a Plan meets the requirements for an audit in connection with the Form 5500.  

  • “Plan Year” means the period covered by the Plan Audit.

Audit Relief Prerequisites

  • The Plan must be on the Concierge package and must require a Plan Audit.  

  • The Plan’s sponsor must be utilizing an HI payroll integration (the list of HI payroll integrations may be found at https://humaninterest.com/payrolls/).  Payroll integration status is displayed through HI’s administrator dashboard.

  • The Plan’s sponsor must follow HI’s process to opt-in to Audit Relief for each Plan Year.  For Plans that are new to HI during a Plan Year (new Plans and conversion Plans), the Plan’s sponsor must opt-in within three (3) months after the Plan’s first payroll contribution date at HI.  For all other Plans, the Plan’s sponsor must opt-in on or before January 31st of each year.

  • The Plan’s Auditor must have an active profile on HI’s PartnerConnect platform that (i) includes billing remittance instructions and necessary tax forms (e.g., current W-9) and (ii) is linked to the Plan such that the Auditor is able to utilize HI’s Audit Relief data and document package. 

Audit Relief Exclusions and Limitations

  • Audit Fees: Audit Relief can only be used to pay for the applicable Plan Year’s Audit Fees.  In the event Audit Fees for any Plan Year exceed the Credit Amount for such Plan Year, the Plan’s sponsor is solely responsible for all such overage amounts.  In the event Audit Fees for any Plan Year are less than the Credit Amount for such Plan Year, the additional Credit Amount for that Plan Year will expire and have no further value or effect.  Credit Amounts do not rollover to other Plan Years and may not be applied to Audit Fees or any other fees or expenses related to other Plan Years.

  • Auditor Invoicing: You must ensure that the Auditor submits invoices for Audit Fees via email to [email protected], and that the invoice includes your Plan’s HI plan ID number, which can be found in the plan details page of HI’s administrator dashboard.  Failure of the Auditor to submit a timely, accurate invoice will result in disqualification for the Credit Amount for the applicable Plan Year.

  • Payment Timing:  Audit Fees will be paid by HI within 45 days after receipt of a qualified invoice. 

  • Active Status and Concierge Service Plan Required: To be eligible, the Plan must be in Active Status with a Concierge service package at all times while a customer of HI during the Plan Year and through the date the Audit Fees are paid.  If the Plan becomes ineligible at any time, the Audit Relief will expire and the Credit Amount will have no further value or effect.      

  • Delinquent Invoices: Plans for customers with past due HI or Human Interest Advisors (HIA) invoices at the time HI is required to pay the Auditor’s invoice are ineligible for Audit Relief.  Audit Fee payments will not be made until all past due invoices are paid in full.

  • Auditor Selection: The Plan’s sponsor is solely responsible for the selection, retention, and oversight of the Plan’s Auditor.  Any information provided by HI related to Auditors is only provided for educational purposes.  HI is not responsible, and expressly disclaims responsibility for, the advice, acts, and omissions of outside service providers, including Auditors.

  • No legal advice: HI does not provide legal advice. If a Plan needs legal advice, it must hire a qualified attorney. 

Termination

HI reserves the right to terminate Audit Relief upon the breach of any provision of these terms and conditions, if a Plan Audit, Plan, Plan sponsor or Auditor fails to meet any of the prerequisites, exemptions, or limitations, or if a condition renders the completion of HI’s responsibilities unreasonably difficult to fulfill. Conditions that can render completion of HI’s responsibilities unreasonably difficult include, but are not limited to, your failure to reasonably fulfill requests made by HI or repeated use of abusive, inappropriate, or unprofessional language when communicating with any staff members or representatives of HI.

Other Limitations

HI reserves the right to modify these terms and conditions or terminate this offer at any time, including as needed to comply with applicable law.          

This offer is not valid for non-US residents, employees of HI, and its affiliates.

This program is administered and offered by the recordkeeper, Human Interest Inc.