401K Audit | 401k Audit Requirements

Feel confident your 401k plan audit is in the right hands

LSL has over 27 years’ experience in 401k plan audits

Why hire LSL CPAs?

No re-educating staff every year
Smooth and efficient audit process
Member of the American Institute of Certified Public Accountants (AICPA) Employee Benefit Audit Quality Center

Under the requirements of ERISA (Employment Retirement Income Security Act) Section 103, employee benefit plans with 100 or more participants are considered ‘large’ plans.

These large plans must have an employee benefit plan audit performed by an independent certified public accountant. They also must file a Form 5500 annual report, a government form jointly developed by the Department of Labor (DOL) and the Internal Revenue Service (IRS).

Plans with fewer than 100 participants at the beginning of the year are considered ‘small’ plans and are eligible for the Small Pension Plan Audit Waiver. The Department of Labor (DOL) however has identified the range of 80 – 120 participants (this number is determined at the start of the plan year) as a grey area. In this grey area, a company has the option to continue as a ‘small’ plan or elect ‘large’ plan status.

Number of Participants with Accounts Balances at Beginning of Plan Year	Requirements Followed for the Previous Year Form 5500	Requirements to Be Followed for the Current Year Form 5500
80 – 99 (inclusive)	Small plan	Small plan
80 – 99 (inclusive)	Large plan	May elect to file Form 5500 again as a large plan or switch to a small plan
100 – 120 (inclusive)	Small plan	May elect to file Form 5500 again as a small plan or switch to a large plan
100 – 120 (inclusive)	Large plan	Large plan
More than 120	Large plan	Large plan
More than 120	Small plan	Large plan

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Simply complete the form below and one of our 401(k) pension plan audit experts will be in touch to assess your requirements.

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“I can highly recommend LSL CPAs in general and Maria Arriola in particular. They have been as efficient and as unobtrusive as possible while maintaining a very pleasant work style. During the COVID lockdown while we are all working from home they adapted and were very understanding with the difficulties of working with multiple people in different areas with no one having access to materials kept in the office. Audits are never “fun’; but at least they try to make it as painless as possible, which especially now is a testament to them.”
Russell Dean, Chief Financial Officer I Palisades Media Group

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