Retirement Plan Audits
Many Chicago and Illinois companies offer a retirement plan to provide employees with an opportunity to build retirement savings over their careers. While an important benefit option and savings tool, there are several regulations from both the IRS and the Department of Labor (DOL) which must be followed. While compliance for small plans (less than 100 employees) is easier to navigate, large plans (more than 100 participants) face far more complex regulations. As outlined in the Employee Retirement Income Security Act (ERISA) large plan sponsors are required to undergo an annual plan audit. These audits provide assurance to plan management and participants about the financial condition of the plan.
Illinois 401(k) Plan Audit Experience
Keiter CPAs provides employee benefit plan audit services to businesses in Chicago and across the State of Illinois. We audit over 100 employee retirement plans of various sizes including those sponsored by publicly held companies. Our team has significant experience addressing the audit needs of defined benefit and defined contribution plans including 401(k) and 403(b) plans. Our services extend to both full-scope audits and the new ERISA Section 103(a)(3)(c) audit which replaces the limited scope audit type.
Chicago ERISA Audit Services
- Limited & Full Scope Audits
- DOL Form 5500 Preparation
- Audits Requiring an SEC Form 11K Submission
- Defined Benefit & Defined Contribution Plans
- SAS 136 Compliance Including the New ERISA Section 103(a)(3)(c) Format
- Plan Mergers, Acquisitions & Spinoffs
- ERISA Compliance Issues
Map of Chicago (IL) – 60601
About Chicago (IL)
Chicago, Illinois, has a diverse and robust business community, serving as a major economic hub in the United States. Known for its central location, the city is a key player in industries such as finance, manufacturing, technology, and transportation. Chicago is home to one of the largest financial districts in the country, with major institutions like the Chicago Mercantile Exchange and the Federal Reserve Bank of Chicago. Manufacturing remains significant, with a focus on industries such as food processing, machinery, and chemicals. The city has also seen growth in technology and innovation, driven by a thriving startup scene and established firms in IT, fintech, and healthcare technology. Additionally, Chicago’s transportation infrastructure, including O’Hare International Airport and its extensive rail and shipping networks, supports its role as a logistics and distribution hub. The city’s business community benefits from a highly skilled workforce, a diverse economy, and strong ties to education and research institutions. The area codes used in Chicago (IL) are 312, 773, 847, and 630.
