Audited Plan last year (2021) but under 120 balances. Is one required this year?

[Pensions2020]

Had a Plan with 350 participants but only 101 with balances. Under the new Form 5500 audit rules, is one required? I know that it is clear that any Plan that hasn't met the 120 limit won't need one but wasn't sure if one had already been having the annual audit if it could discontinue. 

[Lou S.]

The 80-120 rule allows you to file the same form you filed last year.

But if you are already a large plan, you need drop below 100 to file as a small plan.

 

[Paul I]

Pensions, are you asking about the 2022 Form 5500 filing due later this year or the 2023 Form 5500 due next year?

[Pensions2020]

2022 Form 5500

[Paul I]

The new method of counting only participants with account balances is effective for 2023 Forms 5500.  The plan will need an audit for 2022.