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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

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

Repeal of Automatic Extension of Return Due Date

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David Torrillo
Wednesday, December, 09, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
For calendar year plans, the maximum extension due date for Form 5500 series (Annual Return/Report of Employee Benefit Plan) is back to 2 1/2 months or October 15th. An employer that maintains a pension, annuity, stock bonus, profit-sharing or other funded deferred compensation plan (or the plan administrator of the plan) is required to file
401(k)403(b)DOLEFAST 2 Filing of Form 5500sForm 5500IRSPension Plans

Employee Plans Compliance Unit (EPCU) – 5500 Non-Filer/DOL Project

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David Torrillo
Tuesday, September, 29, 2015 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
On September 21, 2015, the IRS announced a new Form 5500 compliance project focusing on plan years ending in 2011, as detailed below. Plan sponsors should ensure that all required Form 5500s have been filed and respond to any notice received from the Employee Plans Compliance Unit. Read More
401(k)403(b)compliance resolution systemEFAST 2 Filing of Form 5500semployee planEnforcement prioritiesERISAForm 5500IRSRegulatory Priorities

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
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  • Policy Updates
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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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