if this is contemplated to be offered as a fund in which rank and file participants can invest then I would raise the fiduciary red flag. If this is an owner only plan, go for it, I've seen worse over the years.
I've been in this business since 1999 and two years ago was the first time I'd ever heard of an auditor refusing to provide a report until an error was corrected. I"m wondering if others know if it is because of increasing scrutiny of audits, or just a random bad auditor?
We ended up filing with an attachment indicating that the auditor had not yet completed their work. We got the audit and amended the filing with no penalties.
If a church plan elects to be governed by the Employee Retirement Income Security Act of 1974, wouldn't ERISA's command for annual reports apply? If so, wouldn't there be a Form 5500 report on which the plan's administrator could attach the election statement?
Thanks. Its been so long. I was in Compliance for quite a few years and now just answering the phone in a call center til I retire ( 458 days) but whose counting.