Financial Reporting & Plan Audit Services
All retirement plans subject to ERISA are generally required to file Form 5500 to meet their annual financial reporting requirements. The Form 5500, including required schedules, is filed with the Department of Labor annually. ERISA plans with 100 or more participants are also generally required to have their financial statements audited annually by a qualified independent public auditor. Plan sponsors are also required to file Form 8955-SSA annually with the IRS.
TIAA provides a comprehensive array of tools and resources to help support your needs including:
- Year-end Plan Financial Report Package
A year-end plan financial report package containing up to 40 reports, according to tiers that determine your plan’s reporting needs.
- Audit support
Documentation for auditor’s tests of transactions, twice annual SSAE16 reports and auditor web access to the year-end reporting package.
- Form 5500 Preparation Service
TIAA offers a Form 5500 Preparation Service, in collaboration with Deloitte Tax LLP, to help simplify preparation of your plan’s Forms 5500 and 8955-SSA. You can sign up during the three-and-a-half months following your plan year-end.
- Plan Sponsor Reporting & Audit Guide
Provides the information needed to support plan financial reporting and auditing, including with reporting requirements, information on proprietary investments and how to navigate the plan year-end reports package. The guide also incorporates information regarding fee disclosure requirements and related resources.