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Showing results for tags 'large plan'.
Found 2 results
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Our firm pretty much exclusively has done small / micro plans (90% of our plans are <1M in assets and under 30 participants). As we grow, I know large plans are likely something we'll have to deal with eventually. We have one plan that's getting close enough to the threshold for requiring a large plan audit that we know we need to start thinking about that in the next few years. With our plan demographic, we've never once actually had a large plan audit. What kind of things should we expect? Does the auditing firm just ask us for a bunch of reports, and if so, what kind of information is generally requested? In the case that anything out of place is found, how much leeway is there in terms of them talking to us about correcting it vs reporting failures on an audit? I'd hate for a large plan audit to be the way we find out we're operating something wrong & cause problems for a client. Any guidance as we start to move into plans that may require audits?
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We have a 401(k) plan that begin the 2013 plan year with 226 participants. The plan terminated during 2013 and the plan sponsor has disolved the business. The plan assets were distributed in late November 2013. The plan sponsor does not want to have the independent auditor performed, bascially doesn't want to pay for it. Anyone know of any consequences of filing the final form 5500 without an accountant's opinion?
