New EBP SAS – AICPA issues Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

Wednesday, July, 10, 2019 / Published in Employee Benefit Plans, News and Press Releases
As expected, In July 2019, the AICPA Auditing Standards Board (ASB) issued AICPA Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“SAS No. Read More

Protect Employee Benefit Plan Information from Cybercriminals

Thursday, May, 23, 2019 / Published in Employee Benefit Plans, News and Press Releases
Julie Verrekia was recently featured on PICPA Podcast talking about protecting employee benefit plan information from Cybercriminals. Social Security numbers. Medical data. Financial information. The volume of personal information kept inside employee benefit plans is huge, and that is why these plans make such ripe targets for cybercriminals. Read More

Expansion of Determination Letter Program

Thursday, May, 02, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
Revenue. Procedure. 2019-20, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to individually designed plans. Read More

IRS Modifies EPCRS for Loans and Certain Plan Document Failures

Monday, April, 22, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With the issuance of Revenue Procedure 2019-19, the IRS modifies its Employee Compliance Resolution System for the second time in less than a year. Effective April 19, 2019, the IRS modified the IRS Employee Plans Compliance Resolution System (“EPCRS”). Read More

IRS UPDATES MORTALITY IMPROVEMENT RATES & STATIC MORTALITY TABLES FOR 2020

Tuesday, March, 26, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
In Notice 2019-26, the IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA). Read More

IRS Will Not Amend Regulations to Bar Lump-Sum Payment Option to Retirees Receiving Annuity Payments (Notice 2019-18)

Thursday, March, 07, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
In Notice 2019-18, Offering a Lump-Sum Payment Option to Retirees Currently Receiving Annuity Payments under a Defined Benefit Plan, the Department of the Treasury and the Internal Revenue Service (“IRS”) announced that they no longer intend to amend the required minimum distribution (RMD) regulations under Internal Revenue Code Section 401(a)(9) to address the practice of

Recent Legal Cases of Interest to Plan Sponsors

Friday, February, 22, 2019 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
There have been several recent legal developments which plan sponsors should be aware. Putnam investments has asked the Supreme Court to weigh in on who is responsible for bearing the burden of proof whether investment losses resulted in losses to 401(k) plan participants. Read More