Author: Maria T. Hurd, CPA
Auditing Merged Assets from Unaudited Retirement Plans
October 01, 2025
Large retirement plans that require an audit often merge-in the assets from small plans in connection with a stock acquisition or a merger of the plan-sponsor companies. When large plans merge-in assets from another plan, auditors will have to consider whether previous operational errors of the merged plan could result in potentially tainted assets that … Continued
January 1 Plan Mergers and the One-Day Audit Controversy
September 22, 2025
Back to Basics: Final Form 5500 Rules Intuitively, it makes sense that a retirement plan that is subject to reporting requirements will have a Form 5500 filing obligation as long as the plan has assets. According to the Form 5500 instructions, a plan sponsor can file a Final Form 5500 “If all assets under the … Continued
New Voluntary Fiduciary Correction Program
May 22, 2025
Posted by Maria T. Hurd, CPA, RPA The New Voluntary Fiduciary Correction Program went live on March 17, 2025. Sometimes, Voluntary Can Feel Mandatory Since 2002, the VOLUNTARY Fiduciary Correction Program (“VFCP”) has given plan sponsors with delinquent deferral deposits the OPTION to submit a filing under the DOL’s Correction Program, in exchange for the … Continued
New VFCP on Late Deposits
April 30, 2025
As to Deferral Deposits, Define Timely: As Soon as You Can; ASAP; Chop, Chop; Pronto; What Are You Waiting For?!?! Tell Me What You Want, What You Really, Really Want The timeliness of deferral deposits — a topic that has been beaten to death with a stick and is still the source of discussion at … Continued
Large Welfare Plans That Use a Trust Have a Financial Statement Audit Requirement
March 28, 2025
Updated 3.31.2025 Which Large Welfare Plans Need to Hire a CPA Auditor? Why do some large welfare plans have to engage an independent qualified public accountant to audit the plan’s financial statements and others have no audit requirement? The answer lies in whether the welfare plan is funded or unfunded. Funded Welfare Plans: Defined Funded … Continued
55 Things You Should Know About 401(k)/403(b)/457(b) Designated Roth Accounts
March 10, 2025
Posted by Maria T. Hurd, CPA, RPA As we discussed in our blog “Delaware’s Senator Roth and his Roth Account Legacy,” about 93% of 401(k), 403(b), and 457(b) plans offer a Roth deferral option, up from 62% a decade ago. The Roth 401(k) option became available at the beginning of 2006, while the traditional 401(k) … Continued
First Steps Toward Rothification
February 26, 2025
First Steps Toward Rothification: the Roth Catch-up Requirement for High Earners As we explained in our previous blog, Delaware’s Senator Roth and his Roth Account Legacy, Rothification refers to a policy shift requiring the use of Roth after-tax contributions or accounts. The Setting Every Community Up for Retirement Enhancement Act (SECURE) 2.0 may very well … Continued
Delaware’s Senator Roth and His Roth Account Legacy
February 18, 2025
Being from Delaware, I remember Senator Roth, the lone U.S. Representative from Delaware, and his two giant St. Bernards walking down Market Street, greeting all his constituents. Who knew that this affable man would leave behind a legacy that will benefit millions of people for generations to come? At the age of 76, he created … Continued
The New Super Catch-up for 401(k) and 403(b) Plans
February 04, 2025
…a Lot to Catch Up About Effective January 1, 2025, plan sponsors can opt to add a plan provision to allow participants who are between the ages of 60 and 63 at the end of 2025 (and subsequent years) to contribute an additional catch-up contribution…a super catch-up. For 401(k) and 403(b) plans, the super catch-up … Continued
A Deficient Form 5500 Filing is Preferable to a Delinquent Filing
January 21, 2025
The DOL Update at the AICPA Conference At the AICPA National Conference, the DOL Update was presented by Marcus Aron, the Chief of the Division of Accounting Services at the Office of the Chief Accountant (OCA) of the Employee Benefit Security Administration (EBSA), with an impromptu guest appearance from Scott Albert, who heads up the … Continued