Information needed in regard to an audit signed by an actuary for a 40

[Guest Michael Anderson]

Okay, we have a possible 401k Plan with 250 eligible employees - 75 of which participate. I have heard that there needs to be some kind of an audit signed by an actuary. Does anyone know if this is correct and if so where I could find information on it? Thanks!

[rcline46]

Any plan with over 100 participants requires an audit by an independent ACCOUNTANT. The clients accounting firm usually handles the audit or has a referral.

[Richard Anderson]

The audit of a 401(k) plan does not have to be signed by an actuary. As rcline46 points out it is usually done by the firm's CPA. Also, if the plan has 250 eligible employees, then it has 250 participants, even though only 75 defer.

[Guest Michael Anderson]

Thanks for the info! Mike