Employee Benefit Plan Audits

Form 5500 Revision Results in Less Plan Audits to be Performed

Beginning with the 2023 Form 5500 – Annual Return/Report of Employee Benefit Plan, fewer plans will require an audit due to the method for determining when a defined contribution plan (e.g. a 401(k) or 403(b) retirement plan) may file as a small plan being revised. Learn more.

Long-Term/Part-Time Employee Eligibility

The SECURE Act will soon allow part-time employees meeting specific hour requirements to participate in their company’s retirement plan. This requires an enormous amount of work to track part-time employee hours over consecutive years to meet requirements. Learn more.

Fidelity Bond Coverage Reminder

The Employee Retirement Income Security Act of 1974 (ERISA) requires that every person who handles plan assets to be bonded to protect the plan from losses due specifically to fraud or dishonesty. Read more.

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