When the number of all eligible employees, retirees, separated participants, and beneficiaries of deceased participants is at least 100 as of the first day of a plan year, an audit of both defined contribution and benefit plans is required. Once you’ve verified that an audit is necessary, you’ll need to determine which type of audit […]
audit of employee benefit plans
Audit Requirements for Employee Benefit Plans
As your small business grows so do your responsibilities, one of which is the employee benefit plan audit. Once your benefit plan reaches 100 eligible participants, it will need an audit as stipulated in the Employee Retirement Income Security Act of 1974 (ERISA). ERISA a federal law that protects the money American employees set aside […]