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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...
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...
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