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Can a plan that utilizes the “80 to 120 Participant Rule” to file as a small plan claim the audit waiver?

Category : Finance | Answer: 1 5 Years Ago

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Yes, All Schedule ‘I’ filers that meet the conditions of the audit waiver are eligible.If the plan meets the conditions of the “80 to 1 20 Participant Rule,” it may file as a small plan and attach Schedule I instead of Schedule H to its Form 5500.Under the 80 to 120 Participant Rule,if the number of participants covered under the plan as of the beginning of the plan year is between 80 and 120, and a small Plan annual report was filed for the prior year, the plan administrator may elect to continue to file as a small plan.

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