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

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David Torrillo
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
401(k)403(b)403(b) Examination TrendsEnforcement prioritiesIRS

FASB Considering Employee Benefit Plan Simplifications

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David Torrillo
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
401(k)403(b)Defined Benefit PlansFASBNew Accounting Guidance

Avoid IRS Scrutiny – Review Your Form 5500 for Errors

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David Torrillo
Wednesday, February, 11, 2015 / Published in Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
Errors Recently the Internal Revenue Service (“IRS) posted what it finds as common Form 5500 errors and how to avoid them and IRS Scrutiny. In many Employee Plans Compliance Unit (EPCU) projects, the IRS find mistakes when plan sponsors enter incorrect information on their Form 5500 series returns or information reports. Read More
401(k)403(b)403(b) Examination TrendsEFAST 2 Filing of Form 5500sForm 5500IRS

What is the Audit Requirement for Benefit Plans?

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David Torrillo
Wednesday, January, 21, 2015 / Published in Employee Benefit Plans, Forms and Procedures, Retirement - 401(k), 403(b)
We get this question a lot. The instructions to the Form 5500 give the technical answer. However, below is a quick summary of those requirements. Every situation is unique and for 2023 Form 5500s, the DOL just updated the rules. Read More
401(k)403(b)AuditAudit QualityBenefit Plan AuditDefined Benefit PlansDOLEBSAEFAST 2 Filing of Form 5500semployee planERISAForm 5500Pension Plans

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015

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David Torrillo
Thursday, October, 23, 2014 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
The Internal Revenue Service announced October 23, 2014 the cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.  Read More
401(k)403(b)IRS

Supreme Court to Hear 401(k) Fees Case

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David Torrillo
Friday, October, 03, 2014 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
  As detailed in an article by Greg Stohr, 401(k) Fees at Issue as Court Takes Edison Worker Appeal, the U.S. Supreme Court will consider giving 401(k) participants more power to sue their plans over investments that impose excessive fees, accepting an appeal tied to a wave of suits against employers. Read More
401(k)403(b)DOLEBSAPlan Fiduciary Update

DOL Field Assistance Bulletin 2014-01: Fiduciary Duties and Missing Participants in Terminated Defined Contribution Plans

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David Torrillo
Tuesday, August, 19, 2014 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The DOL recently issued Field Assistance Bulletin 2014-01 which details procedures fiduciaries should take to find missing participants and properly distribute account balances. The Bulletin suggests that fiduciaries use certified mail, check related plan and employment records, ask the designated plan beneficiary, and search the Internet to find missing participants.   Read More
401(k)403(b)403(b) Examination TrendsDOLEBSAERISAIRSPlan Fiduciary Update
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Recent Posts

  • DOL Issues Guidance on Missing Participants and Transfers to State Unclaimed Property Funds

    Field Assistance Bulletin No. 2025-01, Missing ...
  • DOL Updates the Voluntary Fiduciary Correction Program

    Following up on proposed changes, the DOL has u...
  • Proposed Regulations on New Automatic Enrollment Requirement

    The Department of the Treasury and the Internal...

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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