1st plan year, Only asset is Contr. Rec'v. Audit required?

[Richard Anderson]

This is a new plan with over 100 participants. At the end of the first plan year (12/31/04) the only plan asset will be the employer contribution receivable.

Will an audit be required? This first plan year is not a short year.

Thanks.

[Archimage]

There is no exception that I am aware of for a full plan year. Have to get an audit.

[E as in ERISA]

That is also my understanding -- even if the receivable did not exist.