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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...
FASB issues ASU which Removes Requirement to Categorize Investments Utilizing the Practical Expedient within the Fair Value Hierarchy
The FASB issued on May 1, 2014 Accounting Standards Update 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or...
FASB Proposes Updates Aimed at Simplifying Accounting for Employee Benefit Plans
As expected, the FASB proposed three Accounting Standards Updates (ASUs) aimed at simplifying accounting for employee benefit plans. According to the AICPA Journal of Accountancy, the updates were...
DOL Seeks Public Comment on Proposal to Protect Consumers from Conflicts of Interest in Retirement Advice
On April 14, 2015, the U.S. Department of Labor has released a proposed rule that they believe will protect 401(k) and IRA investors by mitigating the effect of conflicts of interest in the...
IRS Modifies EPCRS to Make it Easier to Correct Automatic Contribution and Other Salary Deferral Failures
The Employee Plans Compliance Resolution System (“EPCRS”) sets forth a comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of §...
Voluntary Correction Program: Did You Complete Your Correction?
The Employee Plans Compliance Unit (EPCU) conducted a Voluntary Compliance Follow-Up project to determine if plan sponsors completed the corrections they agreed to in their Voluntary Correction...
It’s Up to Plan Sponsors to Track Loans, Hardship Distributions
Recently, the IRS posted guidance for Plan sponsors on loans and hardship distributions. Even if you use a third party administrator (TPA) to handle participant transactions, you’re still ultimately...
FASB Considering Employee Benefit Plan Simplifications
In January 2013 the Financial Accounting Standards Board (FASB) and staff met with members of the AICPA’s Employee Benefit Plan (EBP) Expert Panel and members of the AICPA Employee Benefit Plan...
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