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DOL concerned about Cybersecurity
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...
Changes to Voluntary Correction Program Compliance Fees, Including Reduced Fees for Most 401(a) and 403(b) Plans
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...
IRS Provides Guidance on Revised Employee Plans Determination Letter Program
On January 4, 2016, the Internal Revenue Service (“IRS”) announced guidance in anticipation of the elimination of the 5-year remedial amendment cycle system for individually designed plans under the...
Changes Bring Clarity to EBP Disclosures
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,...
Repeal of Automatic Extension of Return Due Date
For calendar year plans, the maximum extension due date for Form 5500 series (Annual Return/Report of Employee Benefit Plan) is back to 2 1/2 months or October 15th. An employer that maintains a...
DOL Reminding Plan Administrators to Select a Quality Auditor
The DOL has begun to communicate to Plan administrators via e-mail that selecting a qualified CPA who has the expertise to perform an audit in accordance with professional auditing standards is a...
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...
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