The retirement industry, reconfigured

A single filing gives you one observation. Following the same plans through time gives you a stronger basis for asking what changed, what is comparable and what needs a closer look.

Our first Intelligence Review brings that historical evidence together with selected legal, business and operating developments. It is written for plan sponsors, advisers, TPAs, recordkeepers and employee benefit plan audit firms.

The historical evidence

The report begins with the observed audit population, then follows continuing plans into expense comparisons and reporting transitions. Three findings show why the population and the comparison method belong beside the number.

75,404 distinct plan identities

Observed in the reported-audit cohort for periods beginning in 2024, representing 75,439 qualifying plan periods. These are filing observations, not a census of every plan legally required to obtain an audit. Population bridge, page 4

71,212 plans observed in both years

The same sponsor EIN and plan number have qualifying audit evidence in both the 2023 and 2024 beginning-year cohorts. Filing timing and reporting changes matter when interpreting the plans observed in only one year. Historical comparison, page 5

5.0% median individual audit-expense increase

Among 3,720 matched calendar-year plan pairs with positive reported audit expenses in both years. This describes the selected reporting sample; it is not a market-wide audit fee inflation estimate. Expense comparison, page 11

Inside the issue

The 47-page review connects market observations with the records, controls and questions that support a plan decision.

• The audit populationPlan mix, historical continuity, reporting transitions and workload.04–10
• Costs and industry participationSame-plan expenses, usable comparison samples and balance-holder participation by industry.11–14
• Plan structures and provider changesPEPs and MEPs, litigation, selected transactions and documented client consequences.15–20
• Technical and operating evidenceConversions, remittances, forfeitures, payroll, cybersecurity and distribution safeguards.21–31
• Caron Bletzer, PLLCA dedicated firm feature, partner profiles and sponsor preparation.32–36
• Methods and source recordDefinitions, population bridges, historical limitations and links to original sources.37–47

A closer look at Caron Bletzer

The issue includes a dedicated feature on Caron Bletzer, PLLC, with John Bletzer, Managing Partner, and Jeff Polchlopek, Senior Partner. Their profiles appear together, followed by practical preparation topics for employee benefit plan audits.

Read the Caron Bletzer feature, pages 32–36

5500RADAR and Caron Bletzer are separate entities. The feature does not imply coauthorship or endorsement of the report; practitioner analysis is 5500RADAR editorial analysis unless explicitly attributed.

How to read the research

The research cutoff is September 9, 2026. The historical filing analysis uses available filing receipts through August 24, 2026. Actual plan-period dates determine the historical cohorts; they should not be confused with filing receipt dates or the publication date.

Each exhibit has its own unit, period and source boundary. Industry balance-holder participations are not unique people or employment growth. The historical PEP exhibit uses statistical year 2023, and the cyber examples describe events from 2023–2025. Selected transactions do not establish a market-wide acquisition trend.

The appendix explains the cohort selection, exclusions, matched-plan rules and limitations. Primary sources are linked within the PDF so readers can examine the evidence behind the analysis.

This publication provides research and editorial analysis, not a plan-specific legal, tax, investment or audit opinion.