Are you ready for your 2025 retirement plan audit?
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Here are some things to keep in mind as you are setting up your 2026 calendar:
✔ Check that you have received and signed your audit engagement letter.
✔ Verify your auditor’s access to your recordkeeper site is still active. Some recordkeeper access expires yearly and needs to be renewed.
✔ Work with your internal team to discuss when you want the audit issued and convey that to your auditor and recordkeeper.
✔ Prepare an internal schedule that allows for your compliance questionnaires, NDT and 5500 to be prepared in advance of your audit.
✔ Gather any service provider changes and plan amendments, such as those related to SECURE 2.0, and let your auditor know of them in advance.
Upcoming 2026 changes to keep in mind:
SECURE 2.0 Catch-up elective deferrals – Prior to 2026, catch-up contributions to a qualified plan could be made on a pre-tax or Roth basis as long as both were permitted by the plan. Beginning in 2026, employees age 50 or older with over $145,000 in FICA wages in the prior year will only be permitted to make catch-up contributions to a Roth account within the employer’s plan. Similarly, employees aged 60-63 making greater than $145,000 in FICA wages in the prior year will be limited to making super catch-up contributions to a Roth account within the employer’s plan. If your plan allows catch-up contributions but doesn’t offer Roth contributions, this change could require administrative changes to the plan, in addition to payroll and HR changes with respect to deferrals.
KBF has an employee benefit plan audit practice of over 80 plan audits, including 11-ks, 401(k), pension & 403(b). Please reach out to Greg Fletcher, Managing Director, at gfletcher@kbfadvisory.com or Katie Hand, Audit & Assurance Senior Manager, at kbuchanhand@kbfadvisory.com if they can be of assistance.