by David Torrillo | Apr 6, 2015 | 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...
by David Torrillo | Apr 1, 2015 | 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...
by David Torrillo | Apr 1, 2015 | 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....
by David Torrillo | Feb 12, 2015 | 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...
by David Torrillo | Feb 11, 2015 | 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...
