On December 7, 2015, the IRS published Form 5500 and Form 5500-SF, which included new compliance questions that were optional for 2015 but expected to be required for 2016. On February 17, 2016, the IRS posted instructions on its website directing plan sponsors NOT to answer the compliance questions on the 2015 Forms 5500 and Read More »
Prior to the Department of Labor (DOL) requiring fee disclosures to plan sponsors and plan participants, revenue sharing arrangements were more common. A revenue sharing arrangement is when an investment manager or fund company collects fees from investments and transmits a portion of those fees to the service provider. In most cases, the plan sponsor and Read More »
Social Security numbers (SSNs) in employee benefit plans (EBP) are a topic of growing concern for benefit plan administrators. EBPs are faced with SSNs that belong to individuals who are deceased, that belong to other individuals, and some that are invalid altogether. In the September 11, 2014 session on Retirement Hot Topics, Internal Revenue Service (IRS) Read More »
In the world of Employee Benefit Plan Audits, 100 is the magic number. Generally, retirement plans with over 100 participants are required to be audited annually and the audit report is filed as an attachment to the Form 5500. When determining the number of participants in your plan, the first day of the plan year Read More »
Are you preparing for your company’s first retirement plan audit? Has it been several years since your last retirement plan audit? Maybe your employee count is low enough that you don’t even need an audit yet. Whatever your situation, it is important to understand the operations of your plan and what controls should be in Read More »
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