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Hurricane Ida Tax Relief Extended to Feb. 15 for 6 qualifying states

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David Torrillo
Tuesday, December, 28, 2021 / Published in Uncategorized
Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service has announced. This relief includes the filing of Form 5500 series returns, in the manner described in section 8 of Rev.
401(k)403(b)Defined Benefit PlansEFAST 2 Filing of Form 5500sForm 5500Hurricane IdaIRS

2021 Employee Benefit Plans Update

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David Torrillo
Thursday, May, 13, 2021 / Published in 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 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans Conference. Below
401(k)403(b)403(b) Examination TrendsAudit QualityBenefit Plan Auditcompliance resolution systemCybersecurityDefined Benefit PlansDetermination Letter ProgramDOLEBSAEFAST 2 Filing of Form 5500sEnforcement prioritiesEPCRSIRSMortality Tablespenalty noticesPension PlansPlan Fiduciary UpdatePre-Approved PlanRegulatory Priorities

DOL Announces New Cybersecurity Guidance

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David Torrillo
Wednesday, April, 14, 2021 / Published in Uncategorized
The U.S. Department of Labor recently announced new guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best practices for maintaining cybersecurity, including tips on how to protect the retirement benefits of America’s workers. This is the first time the department’s Employee Benefits Security Administration has issued cybersecurity guidance. This guidance is directed at
401(k)403(b)CybersecurityDefined Benefit PlansDOLEBSA

Executive Order to Expand Access to Workplace Retirement Savings Plans and to Review Rules on Required Minimum Distributions

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David Torrillo
Friday, August, 31, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Uncategorized
On August 31, 2018, the President signed an executive order to expand access to workplace retirement savings plans for American workers and to review rules on required minimum distributions. The President’s order directs the Departments of Labor and the Treasury to consider issuing regulations and guidance that would make it easier for businesses to offer
401(k)DOLRegulatory Priorities

Fifth Circuit Court Vacates Fiduciary Rule

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David Torrillo
Friday, March, 16, 2018 / Published in Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b), Uncategorized
Fifth Circuit Court Vacates Fiduciary Rule On March 15, 2018, in a 2-to-1 decision, the U.S. Court of Appeals for the Fifth Circuit reversed a lower court decision in Texas and issued a ruling vacating the Labor Department’s fiduciary rule. The decision creates a circuit split as the 10th Circuit Court of Appeals had previously
401(k)403(b)DOLEBSAFiduciary RulePlan Fiduciary Update

Tax Cuts & Jobs Act – Impact on Retirement Plans

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David Torrillo
Thursday, December, 21, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b), Uncategorized
Below are the key retirement plan provisions under the Tax Cuts & Jobs Act, per Thomson Reuters Tax & Accounting, Checkpoint Special Study on Pension and Benefit Changes in the “Tax Cuts and Jobs Act.” These are consistent with previous expectations.  Extended Rollover Period for Rollover of Plan Loan Offset Amounts If an employee stops
401(k)403(b)IRSretirement savings

GAO REPORT ON 401(K) PLANS: Improvements Can Be Made to Better Protect Participants in Managed Accounts

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David Torrillo
Monday, August, 11, 2014 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b), Uncategorized
The U.S. Government Accountability Office (“GAO”) publicly released on July 29, 2014 a report on managed accounts in defined contribution plans. Below is the summary of the report (GAO-14-310). Why GAO Did This Study 401(k) plan sponsors have increasingly offered participants managed accounts— services under which providers manage participants’ 401(k) savings over time by making investment and
401(k)403(b)DOLEBSA
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Recent Posts

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Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
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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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Glen Mills, PA 19342

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