Determination Program On June 29, 2016, Revenue Procedure 2016-37, generally effective January 1, 2017, was released changing the: Determination Letter Program for tax-qualified individually designed plans (IDPs); and Requirements for when plan amendments must be adopted under IRC Section 401(b) While Revenue Procedure 2016-37 covers many changes and plan sponsors should carefully review the revenue
The Department of Labor (“DOL”) on April 6, 2016 issued its final rules to address fiduciary standards. The U.S. Department of Labor, Employee Benefits Security Administration’s fact sheet of the new rule follows: Summary Since 1974, when Congress enacted the Employee Retirement Income Security Act (ERISA), the Department of Labor (‘DOL’ or ‘Department’) has worked
On a recent AICPA Employee Benefit Plan Audit Quality Center webcast, the Chief Accountant of the Department of Labor expressed the DOL’s concerns over cybersecurity. Specifically, the DOL believes that electronic plan records, whether they are maintained in-house and/or maintained by the financial services industry, are vulnerable to cyber-attacks. Read More
Correction Program & Retirement Plan Changes During 2015, the IRS began classifying Voluntary Correction Program (VCP) fees as user fees subject to IRC 7528. As a result, in 2016, plan sponsors will refer to a new, annual revenue procedure to determine the appropriate fee when making a VCP submission to the IRS. Read More
An article recently published in the December PICPA Journal by our Quality Control Director JulieAnn C. Verrekia, CPA. Changes Bring Clarity to EBP Disclosures by JulieAnn C. Verrekia, CPA | Dec 01, 2015 Eye strain comes from struggling to see what is unclear, and it often results in headaches. Read More