COVID-19 Update: New Rules for Hardship Distributions

Posted By Maria T. Hurd, CPA, RPA Our Benefit Plan Audit Team, as well as the entire BLS CPA Team, is continuously monitoring the rapidly changing landscape in an effort to provide you with updates related to legislative relief or changes that may affect you, your business, or your clients. As provisions or changes directly related to benefit plans occur, … Continued

How does the SECURE Act allow Penalty-Free Distributions from Retirement Plans for Childbirth or Adoption Expenses?

Posted by Maria T. Hurd, CPA, RPA Updated 3.26.2020 Children are a financial hardship!!! The IRS has finally recognized it by adding a new type of penalty-free distribution from defined contribution retirement plans: the Qualified Birth or Adoption Distribution (QBOAD), effective January 1, 2020. The new provision is optional, so plan sponsors will need to amend their plans to permit … Continued

Could Inclusion of Long-Term, Part-Time Employees under the Secure Act Trigger a Financial Statement Audit?

Posted by Maria T. Hurd, CPA, RPA Large Plans Require Financial Statement Audits Generally, plans with at least 100 participants on the first day of the plan year must engage an independent qualified public accountant to perform an audit of the plan’s financial statements. The audit report, financial statements, note disclosures, and supplementary schedules are filed as an attachment to … Continued

What are the Administrative Procedure Changes Under the SECURE Act?

Posted by Tyler Starr, CPA In Are Retirement Savings More Secure under the SECURE Act?, we reviewed some notable changes included in Title I of the SECURE Act, which focused on expanding and preserving retirement savings. This follow-up blog will discuss other notable changes in the SECURE Act that mostly deal with changes to administrative provisions of plans. SECURE Act, … Continued

Are Retirement Savings More Secure under the SECURE Act?

Posted by Tyler Starr, CPA The passing of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) at the end of 2019 included significant changes impacting qualified retirement plans. In fact, the retirement plan industry has not seen such extensive changes in one act since the passing of the Pension Protection Act in 2006. President … Continued