401(k) Plan Audit
According to Section 103 of the Employment Retirement Income Security Act (ERISA), an employee benefit plan must be reviewed by a third party when that plan has more than 100 participants on the first day of the plan year, or 120 participants if the plan has never been audited. Such a plan is considered a large plan. The 401(k) Plan Audit must continue annually if the plan continued to have 100 participants.
Our 401(k) Plan Audit includes:
- A detailed review of the employee benefit plan in line with the guidelines and regulations as set out by the IRS and the Department of Labor
- Filing of the Form 5500 annual report
- Facilitating businesses to identify if they fall within the large or small benefit plan category if the number of participants in an employee benefit plan range between 80-120
The Ezzy and Associates team of accountants provides the relevant 401(k) Plan Audit and related reviews to ensure the employee benefit plan meets the compliance requirements of both the IRS and the Department of Labor.