Insights

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).

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

The Setting Every Community Up for Retirement Enhancement (SECURE) Act (the Act) of 2019 seeks to expand retirement plan coverage for U.S. workers.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.

The Department of Labor (DOL) has recently published Interim Final Regulations (Regulations) pursuant to changes enacted by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) which require plan administrators of defined plans [e.g., 401(k) and 403(b)] to express a participant’s current account balance both as a single life annuity and a qualified joint and survivor annuity stream on their pension benefit statements at least once every 12 months.

Last month, the IRS announced increases to the User Fees related to certain requests for letter ruling and determination letter requests.

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) amended the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC) to establish a new type of multiple employer plan (MEP) called a “pooled employer plan” (PEP) that must be administered by a person called a “pooled plan provider” (PPP).

On September 2, 2020, the IRS issued guidance in the form of questions and answers interpreting several miscellaneous provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of 2019 (Miners Act) affecting qualified retirement plans, 403(b) plans and Individual Retirement Accounts (IRAs).

With the new year and the new decade comes new information that employers and participants will need to know in the employee benefits sphere.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.