The Employee Retirement Income Security Act of 1974 (ERISA) requires certain employee benefit plans, such as defined contribution plans, defined benefit plans, and certain welfare benefit plans, to file Form 5500, Annual Return/Report of Employee Benefit Plan, with the Department of Labor and Internal Revenue Service.

Generally, plans with more than 100 participants at the beginning of the plan year are required to engage an independent accountant to audit the plan’s financial statements. If an audit is required, a copy of the audited financial statements and required supplemental schedules must be attached to Form 5500. An exception may apply if your plan has between 80 and 120 participants. Additionally, some plans with less than 100 participants are required to have an annual audit.

Our employee benefit plan division can assist you in determining the regulatory requirements of your plan.