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401k Audit Costs
Benefits & Compensation
401k Audit Costs
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
We have a small 401k plan, with 130 participants. Our audit cost for the plan seem outrageously high, and I'm curious to see what similar sized plans are paying for their audits.
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Forums  »  Topic Forums  »  Benefits & Compensation  »  401k Audit Costs

401k Audit Costs

posted at 7/19/2004 8:05 AM EDT
Posts: 267
First: 6/29/1999
Last: 4/13/2010
We have a small 401k plan, with 130 participants. Our audit cost for the plan seem outrageously high, and I'm curious to see what similar sized plans are paying for their audits.
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401k Audit Costs

posted at 7/19/2004 8:59 AM EDT
Posts: 1047
First: 4/11/2002
Last: 9/14/2011
Audit costs are typically factored in to the carrier's expense of running 401K plan, unless you have an unbundled product. In that case, it really depends on what they're auditing since they typically bill on an hourly basis.
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401k Audit Costs

posted at 7/20/2004 9:57 AM EDT
Posts: 17
First: 6/9/2004
Last: 2/8/2005
Our 3rd party auditor (not our 401(k) vendor) has averaged $6-7K per year over the last three years. (200 participant company)
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401k Audit Costs

posted at 10/7/2004 8:29 AM EDT
Posts: 4
First: 7/18/2002
Last: 10/7/2004
This is our first audit, quoted at 5-7k.
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401k Audit Costs

posted at 11/17/2004 5:14 AM EST
Posts: 6
First: 11/17/2004
Last: 12/15/2004
I have dealt with many 401k audits. Typically accountants charge anywhere from 3K to 7K depending on the number of employees involved.
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401k Audit Costs

posted at 11/12/2009 10:08 AM EST
Posts: 1
First: 11/12/2009
Last: 11/12/2009
I have a 401K plan with less than 50 participants, our audit bill was $6,250 which we feel is very high for such a small plan. Could anyone share the cost paid for a similar size plan?
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401k Audit Costs

posted at 11/13/2009 3:13 AM EST
Posts: 2146
First: 2/15/2006
Last: 9/14/2011
Why are you auditing if you have less than 100 participants? (http://www.401kaudit.com/do_you_need.asp)

Do you mean the cost of nondiscrimination/top heavy testing?

We pay right around $2000 for all plan administration and then a fee per loan. We calculate our own distributions.
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