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DOL Sets Second Calendar Quarter of 2022 as Compliance Date for Lifetime Income Illustrations

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David Torrillo
Wednesday, July, 28, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) issued on July 26, 2021 Frequently Asked Questions which indicate participant-directed plans must provide lifetime income illustrations on quarterly statements by the second calendar quarter of 2022. Read More
401(k)403(b)DOLEBSALifetime Income Illustrations

IRS Revenue Procedure 2021-30 updates EPCRS

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David Torrillo
Friday, July, 16, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
With Revenue Procedure 2021-30, the IRS has updated its Employee Plans Compliance Resolution System (EPCRS). EPCRS permits any plan sponsor of a retirement plan to correct plan failures. EPCRS offers three correction programs: Self-Correction Program (SCP) – Correct certain plan failures without contacting the IRS or paying a user fee Voluntary Correction Program (VCP) – Correct failures
401(k)403(b)compliance resolution systemDefined Benefit PlansEPCRSIRSPension Plansrevenue procedures

DOL Clarifies Form 5500 COVID-19 Relief Provided for Late Contributions and Loan Repayments

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David Torrillo
Tuesday, July, 06, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Per the AICPA AICPA Employee Benefit Plans Audit Quality Center, the DOL staff has stated that in accordance with relief provided in EBSA Disaster Relief Notice 2020-01; Guidance and Relief for Employee Benefit Plans Due to the COVID-19 (Novel Coronavirus) Outbreak, the Department will not take enforcement action for participant payments and withholdings not made
401(k)COVID-19 ReliefDOLEBSAEnforcement prioritiesForm 5500

2021 Employee Benefit Plans Update

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David Torrillo
Thursday, May, 13, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b), Uncategorized
As a firm which specializes in the audits of employee benefit plans, we continually monitor accounting, regulatory and current events which may impact plans. As a member of the Employee Benefit Plan Audit Quality Center (EBPAQC), we recently attended the May 2021 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans Conference. Read
401(k)403(b)403(b) Examination TrendsAudit QualityBenefit Plan Auditcompliance resolution systemCybersecurityDefined Benefit PlansDetermination Letter ProgramDOLEBSAEFAST 2 Filing of Form 5500sEnforcement prioritiesEPCRSIRSMortality Tablespenalty noticesPension PlansPlan Fiduciary UpdatePre-Approved PlanRegulatory Priorities

DOL Announces New Cybersecurity Guidance

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David Torrillo
Wednesday, April, 14, 2021 / Published in Uncategorized
The U.S. Department of Labor recently announced new guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers. Read More
401(k)403(b)CybersecurityDefined Benefit PlansDOLEBSA

2021 IRS Compliance Program and Priorities for Employee Plans

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David Torrillo
Tuesday, April, 06, 2021 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Tax Exempt and Government Entities (TE/GE) Fiscal Year 2021 Program Letter PDF lists IRS priorities and how those align with the IRS Strategic Goals. In fiscal year 2021, the IRS will continue to pursue its compliance program described in its FY 2020 Program Letter PDF, and use its webpage to share information about other compliance program initiatives at the end
Compliance Programscompliance resolution systemEnforcement prioritiesIRSRegulatory Priorities

American Rescue Plan Act of 2021 – Key Benefit Plan Funding Provisions

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David Torrillo
Wednesday, March, 10, 2021 / Published in Employee Benefit Plans, Forms and Procedures, Policy Updates
The American Rescue Plan Act of 2021 (ARPA, HR 1319) is expected to become law. Key benefit plan provisions[i]  are highlighted below. Many of these affect funding provisions for defined benefit plans. Read More
Defined Benefit PlansERISAFundingIRSPBGCPension Plans
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Recent Posts

  • SECURE 2.0 Act of 2022

    SECURE 2.0 Act of 2022 was passed by Congress a...
  • DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

    The U.S. Department of Labor announced that its...
  • No Entries Listing Changes in Qualification Requirements on the 2022 IRS Required Amendments List

    Notice 2022-62 contains the 2022 Required Amend...

Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
  • Uncategorized

Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

36 Regency Plaza
Glen Mills, PA 19342

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Phone: 484-574-8782
Fax: 484-574-8785

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