Retirement Plan Audits
Many Detroit businesses and companies across Michigan 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.
Michigan 401(k) Plan Audit Experience
Keiter CPAs provides employee benefit plan audit services to businesses in Detroit and across Michigan. 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.
Detroit 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
About Detroit (MI)
Detroit is known as the “Motor City” due to its history as the birthplace of the American automotive industry. The city is home to the Ford Motor Company, General Motors, and Chrysler, among other major car manufacturers. The Henry Ford Museum and the Automotive Hall of Fame are popular attractions for visitors interested in the history of the industry.
The city also has a thriving arts and culture scene, with many museums, theaters, and music venues. The Detroit Institute of Arts is one of the largest and most comprehensive art museums in the country, and the Fox Theatre is a historic venue that has hosted many famous performers over the years.