 |
 |
 |
 |
TPSnewsflash BE-03-0004: In order to be exempt from a small plan audit when your plan has less than 100 participants, two requirements or conditions must be met. They are: 1. At least 95% of plan assets must be qualifying plan assets or an ERISA supplemental bond must exist equal to the amount of the NON-qualifying assets. And 2. Summary Annual Reports (SAR) must be provided to plan participants each year. Details regarding Qualifying Plan Assets and SAR information can be found in the Fall 2003 issue of our TPS Plan Trustee Newsletter. If your plan has more than 5% non-qualifying plan assets, you may still be able to qualify for an exemption from an audit by obtaining additional surety bonding. You may obtain a quote for a surety bond by clicking on Colonial Surety logo located below. Plans including only owner and spouse are excluded from these audits.
|
