Solutions to Support Your Talented Team
Retirement plans, such as 401(k)s and pension plans, are fundamentally important to attracting and retaining talented employees. Business owners who offer retirement benefits to employees are considered plan sponsors and are ultimately responsible for the funds accumulated and paid out to current and former employees
Benefit plan sponsors are also responsible for the proper administration and financial reporting of retirement plans, which are subject to a growing list of disclosure requirements. It has become increasingly important for plan sponsors to work with an assurance partner specifically trained in this area to verify your plan is in compliance with these requirements. Blair, Bohlé & Whitsitt offers a combined 50+ years of combined experience auditing retirement plans and is a member of the American Institute of CPAs (AICPA) Employee Benefit Plan Audit Quality Center, adhering to the industry’s highest standards in professional qualifications and service to benefit plan sponsors.
Does My Retirement Plan Qualify for an Audit?
Benefit plan sponsors of plans with 100 or more participants are required to hire an independent public accountant (IPA) to audit the plan’s financial statements and submit the IPA’s audit report with their annual tax filing, IRS Form 5500.
Who Counts as a Participant in My Retirement Plan?
Retirement plan “participants” are a broad set of individuals associated with your business and include the following:
- Any eligible active employees, regardless of whether or not they elect to enroll in the plan
- Any inactive employees (retired or separated from service) that are currently receiving or entitled to receive benefits from the plan. This includes terminated employees who have not rolled over or otherwise withdrawn their retirement plan accounts.
- Any deceased former employees that have one or more beneficiaries receiving ore entitled to receive benefits from the plan.
Participants are only counted at the beginning of the plan year. For example, if your company’s plan year begins January 1 and you have 99 participants at that time, you will not be subject to the audit requirement for that plan year regardless of the number of eligible employees you gain over the next 12 months.
There is some flexibility for employers whose plan participants continually hover around the 100 participant threshold. You may contact us or request a proposal to discuss these and other issues related to your retirement plan.
Benefit Plan Audit Experience
- Defined Benefit Plans (aka “Pension Plans”)
- Defined Contribution Plans
- Profit Sharing Plans
- 401(k) Plans
- 403(b) Plans
- Employee Stock Ownership (ESOP) Plans
Related Attest, Compliance, and Consulting Experience
- Full Scope and Limited Scope Audits of Benefit Plans
- SSAE 16 Audits for Service Organizations
- Consulting Services for Retirement Plans