Data from 2021 IRS Form 5500
To help our clients determine reasonable fees for audits of their retirement plan audits, we have analyzed Midwest retirement plan auditor fees from publicly available IRS Form 5500 information.
From this study, approximately 13% of auditor fees are paid by the plan. Average and median fees are by plan and participant size are detailed below.
About the Data:
Data from 2021 IRS Form 5500. The information was exported from ERISApedia.com in the following states: Illinois, Indiana, Kentucky, Michigan, and Ohio. Criteria: Plans with 100 or more participants and Plan Assets of $5 million or greater. Total Plans: 10,222. Total plans that paid auditor fees: 1,337
The information presented is for educational purposes only. Be sure first to consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein.