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.
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 Its Equivalent). The amendments in Accounting Standards Update 2015-07 (the Update) remove the requirement to categorize within the fair value hierarchy all investments for which
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 suggests that fiduciaries use certified mail, check related plan and employment records, ask the designated plan beneficiary, and search the Internet to find missing participants. Fiduciaries should consider more expensive approaches
The AICPA Employee Benefit Plan Audit Quality Center recently issued a summary of the DOL Office of Inspector General’s report: EBSA Needs to Provide Additional Guidance and Oversight to ERISA Plans Holding Hard-to-Value Alternative Investments. Highlights from the Report Our recommendation is that Plan fiduciaries overseeing plans with alternative investments should read the DOL OIG
The long awaited new Revenue Procedures for the Employee Plan Compliance Resolution System have been issued and will be effective, generally April 1, 2013. The information below from the IRS website highlights some of the changes. New Revenue Procedure Updates EPCRS Revenue Procedure 2013-12 was released on December 31, 2012. Revenue Procedure 2008-50 is modified