Defined Contribution Plan Audit Services

The San Mateo County Transit District is seeking a qualified United States-based firm to provide 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 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 review enrollment, birth dates, and hire dates for compliance. 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. The agency also requires testing of participant loans and distributions for proper authorization and compliance with plan documents. The auditor must analyze investment valuation and allocation, as well as verify the legitimacy of administrative expenses paid by the plan. All work must be performed offsite by an organization located within the United States. The contract period will span five years. The agency has not disclosed a specific budget and is looking for cost proposals from interested bidders. Bidders must submit all questions regarding this opportunity no later than June 16, 2026.