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New Guidance on Economically Targeted Investments in Retirement Plans from US Labor Department

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David Torrillo
Friday, October, 23, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
401(k)403(b)DOLEBSAERISAPlan Fiduciary Update

IRS Announces 2016 Cost of Living Adjustments for Benefit Plans

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David Torrillo
Wednesday, October, 21, 2015 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. 
401(k)403(b)Defined Benefit PlansIRS

FASB Issues ASU Simplifying Accounting for Employee Benefit Plans

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David Torrillo
Monday, August, 03, 2015 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
  On July 31, 2015, the FASB issued Accounting Standards Update No. 2015-12, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965):  (Part I) Fully Benefit-Responsive Investment Contracts, (Part II) Plan Investment Disclosures, (Part III) Measurement Date Practical Expedient (consensuses of the Emerging Issues
401(k)403(b)Defined Benefit PlansFASBNew Accounting GuidancePension Plans

DOL Releases Audit Quality Study

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David Torrillo
Friday, May, 29, 2015 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
As we had previously reported, the Office of the Chief Accountant (OCA), Employee Benefits Security Administration (EBSA), U.S. Department of Labor (DOL), has recently completed an assessment of the quality of audit work performed by independent qualified public accountants (IQPAs) with respect to financial statement audits of employee benefit plans covered under the Employee Retirement
401(k)403(b)AuditAudit QualityBenefit Plan AuditDefined Benefit PlansDOLEBSAPension PlansRegulatory Priorities

DOL Seeks Public Comment on Proposal to Protect Consumers from Conflicts of Interest in Retirement Advice

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David Torrillo
Tuesday, April, 14, 2015 / Published in 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 analysis found that these conflicts of interest result in annual losses of about 1
401(k)403(b)DOLEBSAPlan Fiduciary Update

IRS Modifies EPCRS to Make it Easier to Correct Automatic Contribution and Other Salary Deferral Failures

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David Torrillo
Monday, April, 06, 2015 / Published in 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 Code (“Code”), but that have failed to meet those requirements for a period of time. The
401(k)403(b)compliance resolution systemDOLEBSAEPCRSfailuresIRSrevenue procedures

Voluntary Correction Program: Did You Complete Your Correction?

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David Torrillo
Wednesday, April, 01, 2015 / Published in 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 form or operation, the Internal Revenue Service (“IRS”) encourage you to fix them using one of their
401(k)403(b)compliance resolution systemDOLEBSAEnforcement prioritiesEPCRSForm 5500IRSRegulatory Priorities
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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