FASB issues ASU which Removes Requirement to Categorize Investments Utilizing the Practical Expedient within the Fair Value Hierarchy

Sunday, May, 03, 2015 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates
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). Read More

FASB Proposes Updates Aimed at Simplifying Accounting for Employee Benefit Plans

Monday, April, 27, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
As expected, the FASB proposed three Accounting Standards Updates (ASUs) aimed at simplifying accounting for employee benefit plans. According to the AICPA Journal of Accountancy, the updates were the result of consensuses of FASB’s Emerging Issues Task Force. Read More

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

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. Read More

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

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. Read

Voluntary Correction Program: Did You Complete Your Correction?

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. Read More

It’s Up to Plan Sponsors to Track Loans, Hardship Distributions

Wednesday, April, 01, 2015 / Published in Employee Benefit Plans, Retirement - 401(k), 403(b)
Recently, the IRS posted guidance for Plan sponsors on loans and hardship distributions. Even if you use a third party administrator (TPA) to handle participant transactions, you’re still ultimately responsible for the proper administration of your retirement plan. Read More

FASB Considering Employee Benefit Plan Simplifications

Thursday, February, 12, 2015 / Published in Employee Benefit Plans
In January 2013 the Financial Accounting Standards Board (FASB) and staff met with members of the AICPA’s Employee Benefit Plan (EBP) Expert Panel and members of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC).  Read More