Art of the Qualified Plan Audit

Posted by Maria T. Hurd, CPA The U.S. Department of Labor’s Employee Benefits Security Administration has begun a new enforcement initiative to monitor the quality of audits of 403(b) plans subject to the Employee Retirement Income Security Act (ERISA). The Department of Labor’s (DOL) initiative to review the quality of employee benefit plan financial audits … Continued

Posted by Saaib Uppal, Staff Accountant After weeks of internal deliberation and planning, I had finally gained the courage to ask a particular girl to my high school prom. I was very nervous and she replied with, ‘”Maybe.” What does that word mean? Is it a positive “maybe”? Is it a, “I don’t want to … Continued

Posted by Saaib Uppal, Staff Accountant Webster’s dictionary defines a commitment as “an agreement or pledge to do something in the future.”  What Webster doesn’t mention is anything regarding the length of that commitment or the procedures for an opt-out.  Circumstances and factors often arise that make it difficult and even impossible at times to keep a commitment. … Continued

Posted by Maria T. Hurd, CPA Most employers think that the maximum amount every participant can contribute to their 401(k) plans as a deferral from their own salary for 2012 is $17,000 plus $5,500 as a catch-up contribution if they are 50 or over. Unfortunately, the maximum limit may be cut back for the employer’s … Continued