Meet Every Plan Audit Requirement

When participant counts grow and compliance demands increase, the right audit support keeps your plan on track.

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Employee Benefit Plan Audits for Growing Organizations

Managing an employee benefit plan comes with high expectations, complex rules, and little room for error. Plan sponsors face compliance deadlines, evolving regulations, and the responsibility of delivering meaningful benefits to employees, all at once.

As a full-service firm, Haynie supports organizations that need clarity, accuracy, and steady guidance across plan types. The goal is to keep sponsors aligned with regulatory requirements without adding unnecessary disruption to daily operations.

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Signs You Need an EBP Audit

Audit requirements for most private sector employee benefit plans depend primarily on plan size and structure for the current plan year. The following factors are the most common reasons an employee benefit plan audit is required.

Your Plan Meets the Large Plan Threshold

Most retirement plan audits are triggered by the 100-participant threshold, but the exact number that applies depends on the plan’s history. A plan that has never been audited before must reach 120 active participants with account balances before an audit is required. Once a plan has been audited, the threshold drops to 100 active participants each year going forward.

Your Participant Count Falls Between 80-120

The Department of Labor allows some flexibility through what is commonly called the 80–120 Rule. If a plan’s participant count falls between 80 and 120, it can continue filing in the same category, small or large, as the prior year, rather than switching every time the count crosses 100. A plan only has to change categories once it exceeds 120 or drops below 80.

You Sponsor a Funded Health or Welfare Plan

Health and welfare plans follow the same 100-participant threshold, but only when the plan is funded, meaning assets are set aside to pay benefits through a trust, separate account, or dedicated fund. Unfunded plans are not subject to this audit requirement regardless of participant count.

A Dedicated Team Behind Every Plan Audit

Plan audits get more complicated as participant counts grow and plan types diversify. Having a team like Haynie that handles this work constantly, rather than occasionally, changes how quickly issues get caught and how smoothly a filing actually goes.

25+ years focused on this specific work. Our team has audited plans ranging from newly formed to well over $100 million in assets, across industries like technology, manufacturing, and construction.
Led by dedicated audit partners. Three partners lead this practice directly, rather than assigning EBP audits as a side task to whoever’s available.
Fluent in plan types most firms rarely touch. ESOPs, Taft-Hartley plans, VEBA trusts, and 103(a)(3)(C) audits are part of routine work here, not a specialty request.
Current on DOL and IRS requirements. Rules around plan audits shift over time, and staying ahead of those changes means fewer surprises for plan sponsors.

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Comprehensive Support for Employee Benefit Plans

Employee benefit plans require careful oversight, detailed reporting, and a strong understanding of evolving regulations. Haynie works with plan sponsors, administrators, and fiduciaries to address those demands accurately and on time.

Our areas of expertise cover:

401(k) Plans
Defined Benefit Plans
Defined Contribution Plans
Health & Welfare Plans
Employee Stock Ownership Plans (ESOP)
Taft-Hartley Collectively Bargained Plans
Vacation & Savings Plans
Multiple Employer Benefit Plans
ERISA Consulting Services
103(a)(3)(C) and Non 103(a)(3)(C) Audits
Payroll Audits
VEBA Trust Plans

Employee Benefit Plan Audit FAQs

When should we connect with an advisor about an employee benefit plan audit?

Plan sponsors should connect with a Haynie advisor as soon as they approach audit thresholds or experience changes in participant count, plan funding, or administration. Early discussions can clarify filing status and timing expectations for the current plan year. This also allows time to gather records and coordinate with third-party administrators before deadlines.

What information is reviewed during an employee benefit plan audit?

The audit reviews both financial and operational aspects of the plan. This includes verifying balances, testing transactions, and reviewing compliance with plan documents and regulations.

Common areas reviewed include:

Contributions, distributions, and participant data
Investment activity and custodial reporting
Payroll records and census information

What happens if an employee benefit plan audit is required but not completed?

Failing to complete a required audit can delay Form 5500 filing and trigger penalties from the Department of Labor. Plans may also receive deficiency notices or be required to submit additional documentation. Addressing the issue early can limit exposure and reduce corrective steps.

What documents are needed to complete an employee benefit plan audit?

Audits require financial, payroll, and plan administration records. Commonly requested items include:

Plan documents and amendments
Payroll records and participant census data
Trust statements and investment reports
Contribution and distribution reports

How long does an employee benefit plan audit take?

Most employee benefit plan audits take four to eight weeks once all required documentation is received, depending on the plan’s size and the number of investment types or transactions involved. Delays often occur when payroll data, census information, or investment reports are incomplete or inconsistent.

Our Employee Benefit Plan Service Leaders

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Jen Cowley

Partner

Plan Ahead for Employee Benefit Plan Compliance

Employee benefit plan requirements can change as your organization grows. Haynie works with plan sponsors to clarify audit obligations, timing, and next steps based on your plan’s current structure. Reach out to discuss what your plan requires and when.