IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure 2016-51 modifies and superseded Rev.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
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
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
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