by David Torrillo | May 13, 2021 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b), Uncategorized
As a firm which specializes in the audits of employee benefit plans, we continually monitor accounting, regulatory and current events which may impact plans. As a member of the Employee Benefit Plan Audit Quality Center (EBPAQC), we recently attended the May 2021...
by David Torrillo | Apr 6, 2021 | Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Tax Exempt and Government Entities (TE/GE) Fiscal Year 2021 Program Letter PDF lists IRS priorities and how those align with the IRS Strategic Goals. In fiscal year 2021, the IRS will continue to pursue its compliance program described in its FY 2020 Program...
by David Torrillo | Mar 10, 2021 | Employee Benefit Plans, Forms and Procedures, Policy Updates
The American Rescue Plan Act of 2021 (ARPA, HR 1319) is expected to become law. Key benefit plan provisions[i] are highlighted below. Many of these affect funding provisions for defined benefit plans. Plan sponsors should work with their advisors, actuaries and ERISA...
by David Torrillo | Jan 15, 2021 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Department of Labor’s Employee Benefits Security Administration recently posted new guidance on Missing Participants including: Missing Participants – Best Practices for Pension Plans; Field Assistance Bulletin No. 2021-01, Temporary Enforcement Policy...
by David Torrillo | Dec 23, 2020 | Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Consolidated Appropriations Act – 2021, was approved by the House and Senate late Dec. 21 but still must be signed by the President to become law. The legislation includes an extension of retirement-based disaster relief, CARES Act clarifications for money...
by David Torrillo | Dec 16, 2020 | Employee Benefit Plans, News and Press Releases, Policy Updates
In Notice 2020-85, the IRS specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans. These updated mortality improvement rates and static tables apply for purposes of calculating the funding target and...
