Our company has about 200 employees, and we launched a new 401(k) plan on October of last year. We were eager for all of our existing employees to get excited about this new benefit, so we waived the waiting period to join so that everyone would be eligible on day one. The good news is that it worked, and we had a lot of our employees sign up for the plan. The bad news is that no one warned us ahead of time (and that our current TPA just told us) that we must have the plan audited for that three-month period because we have more than 100 employees eligible when we launched the plan. Adding insult to injury, we have to rush to get it done in time to file our first Form 5500 by October 15th! Yikes!