| Dear Center Members: |
This alert contains information about:
- New EBPAQC tools for tracking requests for audit information
- SECURE Act
- New search tool for Form 5500 filings
- EBPAQC staff retirement and open manager position
- May EBP Conference
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New EBPAQC tools for tracking requests for audit information
The EBPAQC has developed two new tools, Defined benefit pension plan audit information request tracker, and Health and welfare plan audit information request tracker, to assist plan auditors in tracking requests for audit information from the plan sponsor, administrator, recordkeeper and others that may have plan information necessary to perform the audit. The EBPAQC previously released a Defined contribution retirement plan audit information request tracker. These customizable tools include a list of information that may be requested from the client; automatically calculates the number of days until the requested information is due; and can be tailored to the specific plan audit client by adding, deleting or editing items requested. The tools are provided in Excel format, and include helpful user tips.
The EBPAQC would like to extend a special thanks to Rebecca Starks, Metz Accounting & Audit, for her invaluable assistance in formatting the tools.
Click here for the defined benefit pension plan tracker tool.
Click here for the health and welfare plan tracker tool.
Click here for the defined contribution plan tracker too.
SECURE Act
The Setting Up Every Community for Retirement Enhancement (SECURE) Act of 2019 was signed into law on December 20, 2019 as part of an end-of-year appropriations act and accompanying tax measure. The SECURE Act provisions are included as "DIVISION O" in HR 1865 "Further Consolidated Appropriations Act, 2020." The comprehensive law affects plans and benefits offered and individual retirement options. Significant provisions are aimed at increasing access to tax-advantaged accounts and preventing older Americans from outliving their assets.
A few highlights of the Act include the following sections:
- 101 allows employers of all sizes to join together to create more affordable defined contribution plans through "open" multiple-employer plans (MEPs) using a "pooled plan provider";
- 102 eliminates the safe harbor notice requirement and increases the amount of the contribution cap on autoenrollment amounts from 10% to 15%;
- 113 increases the age for required beginning date for mandatory distributions from 70½ to 72;
- 202 directs the IRS and DOL to effectuate the filing of a consolidated Form 5500 for similar defined contribution plans (must have same trustee, named fiduciary and administrator, use the same plan year, and provide the same investments or investment options to participants and beneficiaries); and
- 403 modifies filing penalties to $105 per day, not to exceed $50,000.
Most provisions are effective for plan years beginning after December 31, 2019. Section 101 allowing for open MEPs will be effective for plan years beginning after December 31, 2020.
The AICPA and the EBP Expert Panel, along with the Tax EBP Technical Resource Panel, will be analyzing this new law and its implications on CPA's and the services that we provide. Additional resources are being developed by the AICPA Personal Financial Planning Section.
Resources:
Click here for HR 1865 "Further Consolidated Appropriations Act, 2020" (SECURE Act included as "DIVISION O")
Click here for the House Committee on Ways and Means staff section-by section analysis of SECURE Act (prior to sections 101 (open MEPs), 116 and 205, and Titles V and VI, being included in the final law).
New DOL Search Tool for Form 5500 Filings
The DOL's Employee Benefits Security Administration released a new search tool for Form 5500 filings. In addition to searching for specific filings, users now can search for filings using new filters including plan type, plan asset value, number of participants, employer plan types, business codes, form years, and locations. The number of search results generated increased to 5,000 filings. Users may export search results to a CSV file. Form 5500 filings with the DOL since January 2010 are available in the new search tool.
The new Form 5500 search tool is available at: https://5500search.dol.gov
EBPAQC Staff Retirement/Manager Position
We wish to express our thanks to Shelly Desbois, AICPA staff, for her many years of service to the EBPAQC and EBP Expert Panel. Shelly recently announced her retirement and will be missed.
The EBPAQC is seeking to hire Shelly's replacement. The individual will be responsible for staffing the EBP Expert Panel and assisting with activities with the EBPAQC; providing technical assistance on audit and accounting matters; and assisting other AICPA teams on EBP activities. The individual should have solid knowledge of accounting and auditing standards, ERISA and DOL reporting requirements, and EBP auditing. In addition, the individual should have strong project management, organizational, written/oral communication and presentation, decision-making, problem-solving, and conflict resolution skills; and the ability to manage multiple projects simultaneously. Candidates should have current CPA license with a minimum of 5-7 years' experience.
The individual will be based in the Durham, NC office and will be able to telecommute remotely from most locations in the US subject to the AICPA telecommuting policy. The AICPA has a work environment that offers work/life balance and is committed to diversity and inclusion.
Interested individuals can click here to see the job posting and apply for the position.
Special Member Benefit—May 4-6, 2020 AICPA EBP Conference
EBPAQC members receive a special $100 member discount to attend the 2020 AICPA Employee Benefit Plans Conference, which will be held May 4-6 (with pre-conference workshops offered May 3), at the Caesars Palace in Las Vegas, NV. In addition, the AICPA is offering a $100 early bird discount if you register before March 20, 2020.
Click here for more information and to register for the 2020 AICPA Employee Benefit Plans Conference.
This year's conference will provide an excellent opportunity for participants to network with over 1,200 expected attendees and more than 80+ thought leader presenters, and direct access to DOL and IRS representatives. This year, our agenda is designed with Areas of Expertise to meet your level of experience and offers 23 credit options. We also have three pre-conference workshops as well as a virtual on-line conference for flexibility and convenience.
Discover our Conference Flex Pass! - One price that allows you to participate onsite and online at your convenience. Create your schedule your way without missing a minute of CPE. You choose the sessions you want to attend in Las Vegas and the sessions you want to stream online.
The Emerging EBP Professionals Program offers discounted cost for professionals with 5 or fewer years of EBP experience. We will provide tips on building your core EBP skills and knowledge throughout your career. For more information and eligibility requirements please contact conferencesteam@aicpa.org. Act fast; seats are limited.
Featured Sessions Include:
- Cybersecurity Incident Response: A Walk Through A Data Breach
- Tax & Auditing Lightening Round Sessions
- Getting Ready NOW for SAS No. 136!
- Don't be Disqualified: Effective Use of IRS Correction Programs
- NEW! EBP Town Hall
Click here to view the full agenda.
Registration Information
Register by March 20 to save $100! EBPAQC Members save an additional $100. Be sure to enter the coupon code "EBPAQC" during the online registration process to receive the $100 savings.
Click here for more information and to register for the 2020 AICPA Employee Benefit Plans Conference.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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