by David Torrillo | Jul 10, 2015 | Employee Benefit Plans, Forms and Procedures, News and Press Releases
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 to amend the required minimum distribution regulations under §...
by David Torrillo | Apr 27, 2015 | Employee Benefit Plans, Forms and Procedures, News and Press Releases
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 the result of consensuses of FASB’s Emerging Issues Task Force. The...
by David Torrillo | Apr 14, 2015 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 retirement investment marketplace. A White House Council of Economic Advisers...
by David Torrillo | Apr 6, 2015 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 § 401(a), 403(a), 403(b), 408(k), or 408(p) of the Internal Revenue...
by David Torrillo | Apr 1, 2015 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 Program (VCP) compliance statements. When you find errors in your plan’s...
by David Torrillo | Feb 11, 2015 | Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
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, the IRS find mistakes when plan sponsors enter incorrect...
