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IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”)

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David Torrillo
Saturday, October, 01, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure 2016-51 modifies and superseded Rev. Proc. 2013-12, 2013-4 I.R.B. 313, which sets forth the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of correction programs for sponsors of retirement plans that have failed to satisfy certain requirements under section 401(a), 403(a), 403(b), 408(k), or
401(k)403(b)compliance resolution systemDefined Benefit PlansDOLEPCRSERISAfailuresIRSPension PlansPlan Documentrevenue procedures

US Labor Department Announces Two-Month Extension for Public Comments on Form 5500 Modernization Proposals

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David Torrillo
Tuesday, September, 20, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The U.S. Department of Labor has announced a two-month extension of the comment period on the Form 5500 Modernization Proposals. The department, the Internal Revenue Service and the Pension Benefit Guaranty Corporation published a Notice of Proposed Revision of Annual Information Return/Reports in the Federal Register on July 21, 2016. Read More
401(k)403(b)Defined Benefit PlansDOLEBSAEFAST 2 Filing of Form 5500sForm 5500IRS

IRS Permits Defined Benefit Plan Participants to Receive Lump Sum and Annuity under New Rules

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David Torrillo
Monday, September, 12, 2016 / Published in Employee Benefit Plans, News and Press Releases
As reported in the AICPA Journal of Accountancy, defined benefit plan participants will have greater flexibility in choosing how to receive their pension benefits under final regulations issued by the IRS (T.D. Read More
Defined Benefit PlansIRSPension Plans

Proposal to Modernize and Improve the Form 5500 Annual Return/Report Filed By Employee Benefit Plans

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David Torrillo
Tuesday, July, 12, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
As detailed in the press release from the DOL on July 11, 2016, the long awaited Proposed Forms Revisions to the Form 5500 Annual Return/Report Series. They can be found on the DOL’s website and are summarized below based on the DOL’s Fact Sheet. Read More
401(k)403(b)Defined Benefit PlansDOLEBSAEFAST 2 Filing of Form 5500sEFAST 3ERISAForm 5500IRSPension Plans

DOL Releases Interim Final Rule Adjusting ERISA Civil Monetary Penalties for Inflation

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David Torrillo
Monday, July, 11, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Background The Department of Labor published in the Federal Register on June 30, 2016, an interim final rule to adjust for inflation the civil monetary penalties enforceable by the Department of Labor. Read More
401(k)403(b)Defined Benefit PlansDOLEBSAEFAST 2 Filing of Form 5500sERISAForm 5500IRSPension Plans

IRS Announces New Determination Program

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David Torrillo
Tuesday, July, 05, 2016 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Determination Program On June 29, 2016, Revenue Procedure 2016-37, generally effective January 1, 2017, was released changing the: Determination Letter Program for tax-qualified individually designed plans (IDPs); and Requirements for when plan amendments must be adopted under IRC Section 401(b) While Revenue Procedure 2016-37 covers many changes and plan sponsors should carefully review the revenue
401(k)403(b)Defined Benefit PlansIRSPlan Document

DOL concerned about Cybersecurity

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David Torrillo
Monday, January, 25, 2016 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
  On a recent AICPA Employee Benefit Plan Audit Quality Center webcast, the Chief Accountant of the Department of Labor expressed the DOL’s concerns over cybersecurity. Specifically, the DOL believes that electronic plan records, whether they are maintained in-house and/or maintained by the financial services industry, are vulnerable to cyber-attacks. Read More
401(k)403(b)Defined Benefit PlansDOLPlan Fiduciary Update
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Recent Posts

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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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