Posted by Maria T. Hurd, CPA Disclaimer: All blog posts are valid as of the date published. In a highly regulated industry with complicated rules that always have exceptions (except when the exception does not apply) it is inevitable that sooner or later a failure to follow the plan document will take place. Such operational errors can be corrected through … Continued
The DOL has released the report on its fourth study of audit quality. Revealing a shocking turn for the worse, 39% of the plan audits in the sample did not comply with professional audit standards, up from 33% in the 2004 study, 19% in 1997 study, and 23% in the 1988 study.
Welfare plans such as health, life insurance, dental, vision, short and long term disability plans, among others are generally a combination of unfunded and fully insured.
Much like people who make a wish to be fit with the turkey wishbone after a Thanksgiving feast, many plan sponsors think that their INTENT to be a safe harbor plan is a sufficient defense when they have not met the requirements to be a safe harbor plan.
CPA firms that perform employee benefit audits can voluntarily join the American Institute of Certified Public Accountants’ EBPAQC (the Center).
As part of the Patient Protection Affordable Health Care Act (PPACA), the Patient Centered Outcome Research Institute (PCORI) was created […]
We are closing in on the New Year and just in time to help you meet your New Year’s resolution to meet all your deadlines, attached […]
When the Department of Labor (DOL) made filing changes for Form 5500, it resulted in the revision of Form 8955-SSA. The revision also required that the form must now be filed with the IRS.
As previously discussed in K.I.S.S.: Keep it Simple and Straight Forward with Safe Harbor Plan Designs, the IRS requires that safe harbor 401(k) plans, prior to the beginning of each plan year, […]
In the world of qualified plans, an employee must be given credit for a ‘year of service’ for any ‘computation period’ […]