Defined Contribution Plan Audit Services

The San Mateo County Transit District is seeking a qualified United States-based firm to perform comprehensive defined contribution plan audit services. The agency requires an independent evaluation to verify the financial accuracy of the plan's financial statements, including the statement of net assets available for benefits and any changes in net assets. This audit will solve the agency's need for compliance, internal control validation, and accurate financial reporting for its retirement plan. The scope of work covers participant data and eligibility testing to ensure compliance with enrollment, birth dates, and hire dates. The selected auditor must verify that employee and employer contributions are accurately calculated, correctly allocated, and deposited in a timely manner through payroll remittance testing. Additionally, the project requires evaluating internal controls over contributions, distributions, payroll remittances, and recordkeeper oversight, alongside testing participant loans, distributions, investment valuations, and administrative expenses. Only organizations based in the United States are eligible to bid on this opportunity. The agency expects the selected contractor to perform all audit work offsite over a contract period of five years. Bidders must submit any questions regarding this procurement no later than June 16, 2026, and the agency is currently seeking budget proposals to determine the cost of these services.