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Employee Benefit Plans Expert Panel Volunteer Changes
The AICPA Employee Benefit Plan Audit Quality Center recently released the following to its members: The AICPA Employee Benefit Plans Expert Panel consists of volunteers whose primary role is to...
New Guidance on Economically Targeted Investments in Retirement Plans from US Labor Department
The U.S. Labor Department has issued new guidance regarding economically targeted investments (ETIs) made by retirement plans covered by the Employee Retirement Income Security Act. ETIs are...
IRS Announces 2016 Cost of Living Adjustments for Benefit Plans
The Internal Revenue Service on October 21, 2015 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In...
Employee Plans Compliance Unit (EPCU) – 5500 Non-Filer/DOL Project
On September 21, 2015, the IRS announced a new Form 5500 compliance project focusing on plan years ending in 2011, as detailed below. Plan sponsors should ensure that all required Form 5500s have...
FASB Issues ASU Simplifying Accounting for Employee Benefit Plans
On July 31, 2015, the FASB issued Accounting Standards Update No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health...
IRS Announces Revisions to Employee Plans Determination Letter Program
In Announcement 2015-19, the Internal Revenue Service (IRS) announced changes to the Employee Plans Determination Letter Program. This announcement describes important changes to the Employee Plans...
Defined Benefit Plans to be Prohibited from Replacing Annuities with Lump-Sum Payments
Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension Plans, informs taxpayers that the Treasury Department and the IRS intend...
The Advisory Committee on Tax Exempt and Government Entities (ACT) proposes Recommendations to IRS for 403(b) Plans
In its report, the Employee Plans (EP) Subcommittee reviewed the current status of the 403(b) community, with specific focus on areas that have resulted in a lower level of compliance with the Code...
DOL Releases Audit Quality Study
As we had previously reported, the Office of the Chief Accountant (OCA), Employee Benefits Security Administration (EBSA), U.S. Department of Labor (DOL), has recently completed an assessment of the...
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