DOL Sets Second Calendar Quarter of 2022 as Compliance Date for Lifetime Income Illustrations
Wednesday, July, 28, 2021
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
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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IRS Revenue Procedure 2021-30 updates EPCRS
Friday, July, 16, 2021
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
DOL Clarifies Form 5500 COVID-19 Relief Provided for Late Contributions and Loan Repayments
Tuesday, July, 06, 2021
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
2021 Employee Benefit Plans Update
Thursday, May, 13, 2021
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