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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...
Avoid IRS Scrutiny – Review Your Form 5500 for Errors
Errors Recently the Internal Revenue Service ("IRS) posted what it finds as common Form 5500 errors and how to avoid them and IRS Scrutiny. In many Employee Plans Compliance Unit (EPCU) projects,...
What is the Audit Requirement for Benefit Plans?
We get this question a lot. The instructions to the Form 5500 give the technical answer. However, below is a quick summary of those requirements. Every situation is unique and for 2023 Form 5500s,...
AICPA EBPAQC Plan Advisory – The Importance of Hiring a Quality Auditor to Perform Your Benefit Plan Audit
The AICPA Employee Benefit Plan Audit Quality Center just released its sixth Plan Advisory, EBPAQC-Importance-of-Hiring-Plan-Advisory, which is intended to provide plan sponsors, plan...
PBGC Annual Report Shows Improvement in Single-Employer Program and Deterioration in Multiemployer Program
The Pension Benefit Guaranty Corporation on November 17, 2014 released its Annual Report, which showed that PBGC’s deficit increased to about $62 billion in Fiscal Year 2014, largely due to the...
IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015
The Internal Revenue Service announced October 23, 2014 the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of...
Supreme Court to Hear 401(k) Fees Case
As detailed in an article by Greg Stohr, 401(k) Fees at Issue as Court Takes Edison Worker Appeal, the U.S. Supreme Court will consider giving 401(k) participants more power to sue their...
DOL Field Assistance Bulletin 2014-01: Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans
The DOL recently issued Field Assistance Bulletin 2014-01 which details procedures fiduciaries should take to find missing participants and properly distribute account balances. The Bulletin...
GAO REPORT ON 401(K) PLANS: Improvements Can Be Made to Better Protect Participants in Managed Accounts
The U.S. Government Accountability Office (“GAO”) publicly released on July 29, 2014 a report on managed accounts in defined contribution plans. Below is the summary of the report (GAO-14-310). Why...
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