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Educational Podcast: Unraveling the Mysteries of Employee Benefit Plan Costs

Listen to Podcast Click here to listen to podcast or use the above media player. Clients often ask “How much does my employee benefit plan cost, and how do costs relate to compliance and risks?” Plan costs are often buried and difficult for plan sponsors to truly figure out. In order to meet their fiduciary responsibilities, plan sponsors must ensure they “pay only reasonable plan expenses…” among other things.  Plan... continue reading

Proposed Update to Auditing Standards for Employee Benefit Plans

In an effort to improve the communicative value and relevance of the auditor’s report, the AICPA Auditing Standards Board (ASB) recently released an exposure draft of a proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The proposed SAS would apply to audits of single employer, multiple employer, and multiemployer plans subject to ERISA, and plan sponsors may... continue reading

Panel Provides Guidance for Employee Benefit Plan Sponsors and Other Fiduciaries

AAFCPAs Davide Villani, CPA, CGMA, Managing Director, Employee Benefit Plan Audits, will join a panel of IRS, DOL and ERISA professionals providing guidance for plan sponsors and other fiduciaries on 401(k) and 403(b) retirement plan compliance.  This session will help employers manage their fiduciary responsibilities through a better understanding of regulations and common risk areas. Workshop attendees will gain an understanding of: The key areas of ERISA fiduciary responsibility, The... continue reading

DOL Urges Businesses to Select a Qualified Benefit Plan Auditor, Such As AAFCPAs

In letters and emails mailed in November 2015, the US Department of Labor reminds businesses who filed a Form 5500 with audited financial statements of the importance of selecting a qualified CPA firm with expertise in ERISA standards. This email is in response to results published in a recent DOL audit quality study, which found “serious problems with nearly 40% of employee benefit plan audits.”  It should be noted that... continue reading

AAFCPAs Manager, Davide Villani, CPA named co-chair of MSCPA ERISA Committee

AAFCPAs is excited to announce that Davide Villani, CPA has been nominated to serve as co-chair of the MSCPA ERISA Accounting & Auditing Committee. The ERISA Accounting & Auditing Committee is a forum for ERISA professionals to share best practices relating to improving the overall quality of ERISA/DOL audits including: 401K, 403B and Health & Welfare Plans.  As co-chair, Davide is responsible for leading the forum for shared expertise, and... continue reading

Watch out for letters from the IRS if you have a 457(b) plan

The IRS plans to send letters out over the next year to seek compliance information about 457(b) plans sponsored by nonprofits. Nonresponse to these letters may be inviting an audit by the IRS. 457(b) plans are often referred to as “top hats” due to the fact that they may only be offered to high-wage earners, and until recently were more common in the government sector. Contributions to these plans are... continue reading

Update to IRS Form 8955-SSA

If you file a Form 5500 for a retirement plan, you should be aware of changes to the old SSA schedule to report participants who have separated from service covered by the plan, and who retain a deferred vested benefit in a retirement plan. Since the 2009 tax year, IRS Form 5500 was required to be filed electronically and made available to the public through the DOL EFAST2 filing system.... continue reading