Correction Program & Retirement Plan Changes During 2015, the IRS began classifying Voluntary Correction Program (VCP) fees as user fees subject to IRC 7528. As a result, in 2016, plan sponsors will refer to a new, annual revenue procedure to determine the appropriate fee when making a VCP submission to the IRS. In addition, the
For calendar year plans, the maximum extension due date for Form 5500 series (Annual Return/Report of Employee Benefit Plan) is back to 2 1/2 months or October 15th. An employer that maintains a pension, annuity, stock bonus, profit-sharing or other funded deferred compensation plan (or the plan administrator of the plan) is required to file
The DOL has begun to communicate to Plan administrators via e-mail that selecting a qualified CPA who has the expertise to perform an audit in accordance with professional auditing standards is a critical responsibility in safeguarding plan’s assets and ensuring compliance with ERISA’s reporting and fiduciary requirements. The DOL gives recommendations in selecting a plan
The AICPA Employee Benefit Plan Audit Quality Center recently released the following to its members: The AICPA Employee Benefit Plans Expert Panel consists of volunteers whose primary role is to identify emerging EBP accounting and auditing issues, recommend appropriate action in addressing the issues, assist in developing AICPA EBP resources, and provide technical support to
The U.S. Labor Department has issued new guidance regarding economically targeted investments (ETIs) made by retirement plans covered by the Employee Retirement Income Security Act. ETIs are investments that are selected for the benefits they create in addition to the investment return to the employee benefit plan investor. “Investing in the best interests of a retirement plan
The Internal Revenue Service on October 21, 2015 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016 because the increase in the cost-of-living index did not meet the statutory thresholds that trigger their adjustment.
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 been filed and respond to any notice received from the Employee Plans Compliance Unit. Background Federal law requires most retirement plans to