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Qualified Retirement Audit Requirements – Do I Need An Audit?

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Qualified Retirement Audit Requirements - Do I Need An Audit?

Number of Eligible Participants on
First Day of the Plan Year

Financial Schedule Filed with
Prior Year Form 5500

Options for Current
Year Form 5500

Audit
Required?

<80

Does Not Matter

Small Plan – Schedule I

No

80-99

Small Plan – Schedule I

Large Plan – Schedule H

Small Plan – Schedule I

Either – Schedule H or Schedule I

No

Optional*

100-119

Small Plan – Schedule I

Large Plan – Schedule H

Either – Schedule H or Schedule I

Large Plan – Schedule H

Optional*

Yes

>120

Does Not Matter

Large Plan – Schedule H

Yes

* Audits are always required when filing a Schedule H

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