The New Form 5500 Rules — Do You Still Need an Audit?
Is your manufacturing company subject to a Form 5500 annual plan audit? If so — heads up, the rules have changed.
Starting with the 2023 Form 5500, only participants with an account balance will be considered a plan participant. This change will likely result in a significant number of plans falling below the threshold for large plan filers, enabling them to file as a small filer — which includes a waiver of the independent audit requirement.
Next steps for your employee benefit plan audit
What does this mean for your employee benefit plan audit? Plan sponsors with questions about these new rules should sign up for our upcoming webinar unpacking the changes and their impact.
New Form 5500 rules webinar
For plan sponsors able to remove the audit requirement, this webinar will provide leading practices to self-review their plan’s operations and mitigate conditions that could lead to future noncompliance.
For plan sponsors able to forego the annual audit, but who want some degree of third-party oversight an audit typically provides, an option to engage professionals in a more focused and cost-effective manner will be discussed.
How we can help
Learn more details and sign up our June 20 webinar. Can’t make the date? Sign up anyway to receive a recording.
Jennifer Clement is an executive sales and marketing leader specializing in value creation for the C-suite. In her current role at CLA, Jennifer collaborates on strategy with executives of global manufacturing and distribution companies to accelerate results. Previously Jennifer served as a Global Business Acceleration Leader for Complete Manufacturing and Distribution (CMD). During her time with CMD, Jennifer lived and worked in Asia from 2015-2019. Prior to CMD, she spent 10 years in senior care technology. Jennifer started her career at Johnson Controls (JCI) and spent nine years in leadership roles; followed by five years at Rockwell Automation (ROK) leading c-suite strategy and marketing operations.