When it comes to an Employee Benefit Plan Audit, responsiveness and timeliness make the difference. Our team will work directly with you, your trustees and plan administrators to provide you with a high quality audit in an efficient and cost-effective manner. We offer experienced, accessible plan auditors who deliver quality client service. Our team believes in making sure your organization has minimal distractions, allowing you time to manage your day-to-day operations.
Acuity Advisors and CPAs will:
- Conduct benefit plan audits, including full and limited scope audits and Form 5500 preparation services, if required
- Offer experienced professionals to assist you in recognizing and complying with current laws and DOL/ERISA regulations
- Work with you, as needed, to increase efficiencies or simplify audit efforts
- Work closely with Third-Party Administrators and Custodians to enable a timely delivery of your audit
Talk to Acuity Advisors and CPAs if you’ve experienced:
- Auditors that minimize concerns about timeliness of audit staffing
- Delays in getting the audit started or completed
- New Auditor faces every year
Acuity Advisors and CPAs combine a competitive fee structure with effective service. Acuity is a full service firm that performs employee benefit plan audits, as well as audits and reviews, tax preparation and planning, and management advisory services. Acuity is an independent member of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals.
If you would like to learn how Acuity’s Benefit Plan Services can be a benefit to you, please call our office at 717.239.5180.
DOES YOUR 401(K) OR OTHER RETIREMENT PLAN REQUIRE AN AUDIT?
Understanding when audited financial statements of a retirement plan are required to be attached to a Form 5500 is an important part in demonstrating fiduciary responsibility over the plan and preventing unnecessary fines for an invalid filing of Form 5500. Generally, Federal law requires an annual audit of a defined benefit or defined contribution plan when the plan’s total eligible participants reach 100.
An exception to this rule exists and is known as the 80/120 Participant Rule. This Rule allows a plan to continue to file as a small plan (less than 100 eligible participants) if the number of eligible participants reported on line 5 is between 80 and 120, and a Form 5500 annual return was filed for the prior plan year. When this occurs, you may elect to complete the return in the same category (“large plan” or “small plan”) as was filed for the prior return and no audit would be required for a small plan that has between 100 to 120 eligible participants.
As an example, if a Form 5500 annual return was filed for the 2012 plan year as a small plan, including the Schedule I if applicable, and the number of eligible participants entered on line 5 of the 2013 Form 5500 is 120 or less, you may elect to complete the 2013 Form 5500 and schedules in accordance with the instructions for a small plan, including for eligible filers, filing the Form 5500-SF instead of the Form 5500.
Should a plan reach 121 eligible participants at the beginning of a plan year, the plan would become a large plan and an audit would be required. The audit requirement will continue as long as there are more than 100 eligible participants at the beginning of the plan year.
If you need more information regarding this or any other topic affecting your retirement plan, Acuity can help. Please contact our office at 717.239.5180 to discuss in more detail.