1 man plans in nonqualified funds vs. small plan audtis?

[Guest ScottB]

Does a 1 man DB plan that has all plan assets in nonqualified funds require a small plan audit for 2002 or the 100% bonding?

[Guest Victoria Pelletiere]

I have a note that no bond coverage is required for one-participant plans since these plans are not considered employee benefit plans because they have not employees and are not subject to Title 1 of ERISA (DOL reg 2510.3-3).

[Guest ScottB]

Does that reg also apply to the new Small Plan Audit requirements for non qualified funds?

[Guest Victoria Pelletiere]

2510.3-3 states that 1 man plans are not Title I plans. Since the small plan audit requirement is a Title I requirement, the 1 man plan is exempt. That's the way I read it.