COVID-19 Filing Relief for Employee Benefit Plans

The AICPA's Employee Benefit Audit Quality Center (EBPAQC) recently released an alert providing an update on COVID-19 (Coronavirus) filing relief for employee benefit plans. A summary of the employee benefit plans filing relief is below: Form 5500 filings  The IRS has not yet issued a notice of tax filing relief for employee benefit plans, but [...]

2020-03-31T11:20:15-05:00March 30th, 2020|COVID-19, EMPLOYEE BENEFIT PLANS|

Expect Changes on Your 2021 Plan Year Employee Benefit Plan Audit

Due to newly released accounting standards, expect significant changes in both the audit process and the financial statement and management communication deliverables. The American Institute of Certified Public Accountants (AICPA) has issued a new standard that will apply to all audits of ERISA plan financial statements covering periods ending after December 15, 2020. (In other [...]

2019-12-16T12:50:50-06:00December 10th, 2019|EMPLOYEE BENEFIT PLANS|

New Accounting Rules for Employee Benefit Plan Audits Increase the Scrutiny on both Auditors and Plan Management

In early May, the American Institute of CPAs (AICPA) Auditing Standards Board (ASB) released a new Statement on Auditing Standards (SAS). The new SAS, which is entitled Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements, aims to raise the quality of audits in a number of areas, including risk [...]

2019-07-22T13:06:53-05:00July 22nd, 2019|EMPLOYEE BENEFIT PLANS|

What Does a Cash Balance Plan Mean for You?

Back to the Basics Often described as a “hybrid arrangement,” cash balance plans are a specific type of defined benefit plan. When a cash balance plan is in place, employees will be eligible for an account that is credited yearly with a contribution that is “employer-funded.” That account is also guaranteed an interest amount that [...]

2019-02-15T11:21:47-06:00February 7th, 2019|EMPLOYEE BENEFIT PLANS|

Solving the Hardship Withdrawal Program Administration Puzzle

Riddle Me This: Why Offer a Hardship Withdrawal Option? Plans that do not offer a hardship withdrawal option are still subject to “plan leakage.” In other words, employees’ retirement dollars prematurely leave the plan due to hardship withdrawals, plan loans going into default upon employment termination or other reasons. Whatever the cause of the leakage, [...]

2021-09-16T16:21:42-05:00February 21st, 2017|BENEFIT PLAN NEWS FLASH, EMPLOYEE BENEFIT PLANS|

The SCP: A Magic Eraser for Benefit Plan Sponsors

Much like white-out, the Backspace button, and an eraser, the IRS’ Self-Correction Program (“SCP”) is one of three programs that allow plan sponsors to correct any mistakes they may have made in administering an employee benefit plan. Through this program, the IRS eases some of the required burden on plan sponsors for errors in withholding [...]

2018-11-12T15:47:57-06:00June 9th, 2016|EMPLOYEE BENEFIT PLANS|

Retirement Plan Loans: To Offer or Not to Offer

According to the Employee Benefit Research Institute, more than 20% of all 401(k) plan participants eligible for loans have outstanding retirement plan loans at any given time. But, plan sponsors, this statistic doesn’t have to spell out a tragic story for your plan. Instead, consider a couple of options for limiting loans from your retirement [...]

2020-01-31T12:17:25-06:00August 1st, 2015|EMPLOYEE BENEFIT PLANS|

Choosing the Best Route for an Employee Benefit Plan Fiduciary: Review Operations

With the numerous DOL standards that plan fiduciaries must meet, the job of an employee benefit plan fiduciary seemingly never ends. But fulfilling fiduciary obligations in administering a retirement plan can be less time-consuming if tackled methodically. Plus, this method typically creates more evidence to support that you’ve met your duties in the event of [...]

2018-11-12T15:51:31-06:00June 24th, 2015|EMPLOYEE BENEFIT PLANS|

Before the Form 5500 Tax Examination: Score Your Benefit Plan with These 10 Questions

The IRS recently updated the guidance that it offers to benefit plan sponsors regarding the Form 5500 tax examination process. So plan sponsors should take this warm-up opportunity and answer this “perfect 10” (well, maybe 9.6) list of common questions regarding benefit plan IRS audits. How Does the IRS Select a Benefit Plan for a Form 5500 Tax [...]

2018-11-12T15:52:07-06:00March 24th, 2015|EMPLOYEE BENEFIT PLANS|