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 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans Conference. Below
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 Letter PDF, and use its webpage to share information about other compliance program initiatives at the end
The DOL has issued its fiscal year (FY) 2020 enforcement fact sheet, highlighting the recovery of over $3.1 billion in direct payments to plans, participants, and beneficiaries. The DOL’s Employee Benefits Security Administration (EBSA) has oversight responsibility over nearly 722,000 retirement plans, 2.5 million health plans, and a similar number of other welfare benefit plans.
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 Regarding the Participation of Terminating Defined Contribution Plans in the PBGC Missing Participants Program; and Compliance Assistance Release No. 2021-01, Terminated Vested
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 purchase pension plans, another round of Paycheck Protection Program (PPP) loans, and provisions which
The Internal Revenue Service recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to a traditional 401(k) plan but is structured in a way that
The IRS has released final regulations on the rollover period for a qualified plan loan offset amount. Previously, the IRS had issued proposed regulations related to the extended rollover period for a qualified plan loan offset amount. Plan sponsors and administrators should reach out to their service providers and third-party administrators to understand how the