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IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

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David Torrillo
Thursday, October, 19, 2017 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018, including that the 401(k) contribution limit increases to $18,500 for 2018.  Read More
401(k)403(b)Defined Benefit PlansIRSPension Plansretirement savings

Mortality Tables for Pension Plans Updated for 2018

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David Torrillo
Thursday, October, 05, 2017 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates
Pension plans for funding purposes are required to use prescribed mortality tables by the IRS. As expected, these were recently updated by the IRS and will be in effect for 2018. Read More
Defined Benefit PlansIRSPension Plans

Model Amendments to Add Bifurcated Distribution Options to Defined Benefit Plans

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David Torrillo
Tuesday, August, 22, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The Internal Revenue Service recently issued Notice 2017-44. This notice provides model amendments that a sponsor of a qualified defined benefit plan may use to amend its plan document to offer bifurcated distribution options to participants in accordance with final regulations issued under § 417(e) of the Internal Revenue Code (see T.D. Read More
Defined Benefit PlansERISAIRSPension Plans

IRS Updates Procedures of Issuing Opinions on Pre-Approved Plans – Master & Prototype and Volume Submitter Programs Combined into One Program

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David Torrillo
Monday, July, 03, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The IRS in Revenue Procedure 2017-41 updated the procedures for the issuance of opinion and advisory letters by the IRS regarding the qualification in form of Pre-approved Plans. This revenue procedure modifies the IRS’s historic approach to Pre-approved Plans in order to expand the Provider market and encourage employers that currently maintain individually designed plans
401(k)Defined Benefit PlansIRSPension PlansPlan DocumentPre-Approved Plan

Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

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David Torrillo
Thursday, April, 20, 2017 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
On April 20, 2017, the AICPA Auditing Standards Board issued an exposure draft, Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. Read More
401(k)403(b)AuditAudit QualityBenefit Plan AuditDefined Benefit PlansPension PlansProposed Auditing Standard

FASB issues Update Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

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David Torrillo
Monday, March, 13, 2017 / Published in Employee Benefit Plans, News and Press Releases
  The Board issued in March 2017 Accounting Standards Update (ASU) (ASU) No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost to improve the presentation of net periodic pension cost and net periodic postretirement benefit cost. Read More
Defined Benefit PlansFASBNew Accounting GuidancePension Plans

FASB Issues ASU 2017-06, Employee Benefit Plan Master Trust Reporting

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David Torrillo
Monday, February, 27, 2017 / Published in Employee Benefit Plans, News and Press Releases
In February 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), Health and Welfare Benefit Plans (Topic 965), Employee Benefit Plan Master Trust Reporting (“ASU 2017-06”). Read More
401(k)Defined Benefit PlansFASBNew Accounting GuidancePension Plans
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  • 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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