Understanding the New Large Plan Audit Rules
When your company’s 401(k) plan reaches 100 account balances, it triggers an annual 3rd party audit and large plan filing requirements, which can be costly. However, there is a NEW exception.
Effective January 1, 2023, the new large plan audit rule is expected to reduce the number of plans filing as large plans by nearly 19,500 filings and save small plan sponsors and their participants approximately $146 million in audit costs.
Find out if your plan still needs an audit, this guide will answer your questions including:
What are the new large plan audit rules?
Do I need an audit anymore?
How should I prepare for an audit?
How can I prevent an audit?
How can CrossPlans support us with an audit?