The New Form 5500 Rules — Do You Still Need an Audit?

Is your manufacturing company subject to a Form 5500 annual plan audit? If so — heads up, the rules have changed.

Starting with the 2023 Form 5500, only participants with an account balance will be considered a plan participant. This change will likely result in a significant number of plans falling below the threshold for large plan filers, enabling them to file as a small filer — which includes a waiver of the independent audit requirement.

Next steps for your employee benefit plan audit

What does this mean for your employee benefit plan audit? Plan sponsors with questions about these new rules should sign up for our upcoming webinar unpacking the changes and their impact.

New Form 5500 rules webinar

For plan sponsors able to remove the audit requirement, this webinar will provide leading practices to self-review their plan’s operations and mitigate conditions that could lead to future noncompliance.

For plan sponsors able to forego the annual audit, but who want some degree of third-party oversight an audit typically provides, an option to engage professionals in a more focused and cost-effective manner will be discussed.

How we can help

Learn more details and sign up our June 20 webinar. Can’t make the date? Sign up anyway to receive a recording.