Insights

The purpose of this article is to provide information as to the designated term “plan documents” as it used in many legal and statutory situations and as frequently requested by auditors performing a financial statement review, regulatory examination, during an RFP process, due diligence, etc.

For the first time, the Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), is offering guidance to plan sponsors, fiduciaries, record keepers and other service providers, as well as plan participants, on maintaining cybersecurity.

The Internal Revenue Service (IRS) announced that employers who sponsor defined contribution retirement plans through the adoption of an IRS pre-approved plan document will have until July 31, 2022 to adopt a new pre-approved plan document.

The Tax Exempt & Government Entities (TE/GE) Division of the IRS recently released their 2021 Program Letter outlining the priorities for their compliance program initiatives for the year.

As the 2020 plan year audit season approaches, it is important for plan sponsors to remember their responsibility for conducting required nondiscrimination and other compliance tests relating to a retirement plan in a timely manner.

A common problem for retirement plan administrators is the maintaining of current contact information of former employees during the period of time when they leave a company to the time they become eligible to receive benefits from the retirement plan.

As part of our commitment to helping our clients stay informed of changing Employee Benefits issues, we are pleased to provide you with new information and perspectives that were included in the Consolidated Appropriations Act (CAA, 2021).

Statement on Auditing Standards (SAS) 136 addresses the audit of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and deals with the form and content of the audit report.

Some EPB-related 2020 news items

During 2020, our Employee Benefit Services Group represented several retirement plans that were selected for examination by the Internal Revenue Service (IRS).

This is welcomed news to many retirees or near retirees planning and budgeting for their retirement.

During 2020, our Employee Benefit Services Group represented several retirement plans that were selected for examination by the Internal Revenue Service (IRS).