audit needed no longer

[JKW]

I have a plan that has had an independent audit done over several years but is now under the 100 participant rule. Can the plan just switch to the 5500-SF now that the beginning number is under 100? Or is there anything else to consider? Thanks.

[Mike Preston]

Just switch, if Plan Sponsor wants to. You *can* continue to file the form filed in the previous year if the BOY participant count is 80-120.

[BG5150]

Side note: once under 80, you MUST file as a small plan.

[JKW]

Thank you.