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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...
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...
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