With the U.S. Department of Labor stepping up its enforcement efforts, plan sponsors need to make sure they are in compliance with every rule and regulation when it comes to their retirement plans.
It isn't enough to just be prepared. When January rolls around, plan sponsors need to know whether they are eligible for an audit and if they are, they need to submit an independent plan audit with their IRS Form 5500.
If a company has more than 100 employees eligible to participate in its retirement plan, it needs to submit a plan audit, completed by an independent public accountant, said Lisa Todd, a CPA and leader of the Employee Benefit Plan Assurance Practice in the Southwest for Moss Adams in Seattle.
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