Benefit Plans

Your Employee Benefit Plan Partner: Audit, Compliance, and Advisory Under One Roof

From audits and tax planning to compliance and overall plan design, Mowery & Schoenfeld’s team helps you handle every aspect of your employee benefit plan. Because this is a core focus for us, we’re familiar with the day-to-day challenges and the detailed requirements from the Department of Labor (DOL) and IRS.

Benefit plan rules are always changing. For example, new SECURE 2.0 catch-up contribution regulations were finalized in September 2025, and plan amendment deadlines have been extended through Dec. 31, 2026. Keeping up with these updates can be complicated. That’s why working with an experienced employee benefit plan CPA can make a big difference helping you manage your plan, stay compliant, and meet reporting requirements.

As one of IPA’s Top 150 firms nationwide, our team includes experienced CPAs who can offer more than just compliance help; we have dedicated expertise that spans a wide range of benefit plan audit services, advisory, and more.

CONTACT US

Sarah Wilkes >
Senior Assurance Manager
Thomas Keenan >
Partner, Assurance Services Leader

Insights

Crossing the 100 Participant Threshold: 401(k) Audit Prep >
How the SECURE Act 2.0 Affects Your Employee Benefit Plan >

When Does Your Plan Need an Audit? Benefit Plan Audit Requirements Explained

Many growing businesses don’t realize they have reached a certain milestone that triggers new compliance requirements for them. One key change that tends to catch employers off guard is the 401(k) audit requirement. Understanding the 100-participant threshold and what it means for your business can help you prepare for the changes it will bring.

The 100-participant threshold refers to having 100 or more eligible 401(k) plan participants, not total employees. When you reach this mark the Department of Labor (DOL) begins requiring you to do an annual independent audit of your plan and file Form 5500.

The DOL defines participants as individuals who have an account balance in the defined contribution plan at the beginning of the plan year, which includes active part‑time employees and terminated employees with balances. Also, you still must do a 401(k) audit if you drop below 100 participating employees during the year because the count on the first day of the plan year is what triggers the audit requirement.

In general, plans with more than 100 participants must file Form 5500 with an attached audited financial statement annually. Under ERISA Section 103(a)(3)(C), if your plan assets are held by a qualified financial institution, you have the option to choose an audit type that lets your auditor rely on certified investment information. But if your plan’s assets aren’t with a qualifying institution or you decide you want everything covered, you’ll need a full-scope audit instead.

A quality audit protects you from fiduciary liability, catches operational errors before they lead to DOL or IRS penalties, and reassures plan participants that their retirement assets are being properly managed.

To achieve that peace of mind, it’s essential to work with a team that delivers a thorough, high-quality audit. Mowery & Schoenfeld’s plan audit process includes preparing financial statements, testing contributions and distributions, reviewing internal controls, and identifying prohibited transactions — all are in line with AICPA Employee Benefit Plan Audit Quality Center standards.

Our Employee Benefit Advisory Services

A benefit plan audit starts with reviewing how your plan is set up to identify any potential risks, then taking a closer look at your internal controls and reports from your recordkeeper and payroll provider. From there, key financial activity is tested, including contributions, distributions, loans, and participant data, to make sure everything is being handled correctly. Next is putting together financial statements and management letters, followed by reviewing Form 5500 for accuracy and coordinating with your plan administrators to help ensure deadlines are met.

Our offerings include:

  • Auditing
  • Preparing tax filings
  • Consulting on employee benefit and retirement plans
  • Finding competitive plans at a fair price
  • Evaluating the costs and benefits of various plans
  • Managing regulatory compliance responsibilities
  • Providing third-party administrative services
  • Recordkeeping
  • Accurately preparing, reviewing, and filing IRS and Department of Labor forms
  • Managing fiduciary responsibility
  • Educating and training plan enrollees
  • Finding favorable investment options for employees
  • Offering 401(k) and profit-sharing plan services
  • Ongoing advisory services

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ERISA and SECURE 2.0: What New Compliance Rules Mean for Your Benefit Plans

Recent compliance rule changes can make the benefit plan process tricky to navigate. The first is ERISA, which establishes minimum standards for most private sector employee benefit plans. These standards cover participation, vesting, benefit accrual, funding, fiduciary responsibility, and reporting and disclosure.

The second is the SECURE 2.0 Act, which introduced major changes that some employers haven’t addressed yet. These include:

  • Mandatory automatic enrollment for new 401(k) and 403(b) plans established after Dec. 29, 2022
  • Student loan matching provisions that let employers make matching contributions on account of qualified student loan payments
  • Pension-linked emergency savings accounts (PLESAs)

Our team helps your company stay on top of these requirements with ongoing compliance support, practical guidance, and an eye toward the future with the right strategy. As rules change, we help you understand what applies to your plan, what needs to be updated, and how to keep everything moving in the right direction to avoid the serious consequences of falling out of compliance, from DOL and IRS penalties to potential fiduciary liability. Beyond helping you meet the current rules, we work alongside you to evaluate how your plan can better align with your broader goals.

401(k), 403(b), and Profit-Sharing Plans: Design, Test, and Administer with Confidence

For growing businesses, the right retirement plan design is a competitive advantage in attracting and retaining top talent. Employers of all sizes rely on our team to evaluate contribution structures, vesting schedules, matching formulas, and auto-enrollment features that balance employee benefit with employer cost.

Together, we work to design a plan that fits your goals and your workforce, whether that’s a 401(k), 403(b), profit-sharing plan, or money purchase pension plan. We also help with the ongoing work that comes with running a plan, including annual nondiscrimination testing, updating plan documents as rules change, coordinating participant education, and working with your third-party recordkeepers and custodians.

Why Growing Businesses Trust M&S as Their Benefit Plan Advisor

Mowery & Schoenfeld goes beyond compliance to combine benefit plan audit and compliance expertise with a full-service tax, accounting, and advisory team, meaning you get a partner who understands how benefit plans fit in with your overall business goals.

Our integrated service lines, including client advisory, fractional CFO, and tax teams, work together to offer holistic guidance, showing you how your benefit plan decisions affect your broader business strategy.

Ready to Strengthen Your Benefit Plans? Talk to M&S Today

Whether you need a first-time benefit plan audit, a compliance review of existing plans, or advisory support for plan design changes, Mowery & Schoenfeld has tailored advice to suit your business goals. From initial assessment to ongoing annual services, our goal is to be a long-term benefit plan advisor, providing consistent support through law changes, plan amendments, and business growth.

Get Started with Benefit Plan Advisory Services from Mowery & Schoenfeld

Talk to an advisor today.