Dear Center Members: |
This alert contains information on:
- Proposed changes to audit threshold requirement for defined contribution plans;
- Save-the-dates for November EBPAQC webcasts;
- Registration for November AICPA webcasts (pre-recorded events); and
- December 6-7 EBP Accounting, Auditing and Regulatory Update Online
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Proposed changes to determining plan size for large plan audit requirement for defined contribution plans
As part of proposed changes to the Form 5500 on SECURE Act implementation rules and Form 5500 revisions (see Alert #478), the DOL, IRS and PBGC (the Agencies) are proposing to change the rules for determining when a defined contribution pension plan is required to file as a large plan (i.e., have 100 or more participants) and attach an independent auditor's report and audited financial statements to its Form 5500 annual return/report filing. Under the proposal, defined contribution pension plans would make the determination of plan size based on the number of participants with account balances as of the beginning of the plan year (those eligible to participate without account balances would not be included in the determination). Currently, the plan size measure for the audit requirement is based on the total number of participants at the beginning of the plan year, including those eligible to elect to have contributions even if they have not elected to participate and do not have an account balance. The proposal, if finalized, would eliminate the requirement for independent audits of plans that have fewer than 100 participants with account balances as of the beginning of the plan year, beginning on or after January 1, 2022.
Public comments must be received by November 1, 2021. The EBPAQC Executive Committee and the EBP Expert Panel will review the proposal for comment.
Click here for the DOL News Release, US Department of Labor Seeks Public Input on Proposed Implementation of SECURE Act Revisions to Form 5500 Employee Benefit Plan Reports.
Save-the-dates for November EBPAQC webcasts (live and rebroadcast events)
The EBPAQC is sponsoring several live and rebroadcast webcasts in November. You can save the date on your calendar by clicking on the save-the-date links below. You will need to register for each event. More information and registration information will be sent in future alerts. These are excellent opportunities to obtain important information from EBP audit experts as well as CPE credit that you or your staff may need. |
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Date |
Title and
Description |
Click to add to your Outlook Calendar |
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Wed., Nov. 10 1:00-3:00 pm ET
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ERISA Section 103(a)(3)(C) Audits - Part 1
(live web event)
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Click here to save-the-date |
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Mon., Nov. 15 1:00-3:00 pm ET
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SOC 1 Reports Used in Employee Benefit Plan Audits (rebroadcast)
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Click here to save-the-date |
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Wed., Nov. 17 1:00-3:00 pm ET
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ERISA Section 103(a)(3)(C) Audits - Part 2
(live web event) |
Click here to save-the-date |
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Thurs., Nov. 18 1:00-3:00 pm ET
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Unique DB Plan Issues - Advanced (rebroadcast) |
Click here to save-the-date |
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Wed., Nov. 19 1:00-3:00 pm ET
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Multiemployer Plan Audits (live web event) |
Click here to save-the-date |
Registration for November AICPA webcasts (pre-recorded events)
The AICPA is sponsoring several pre-recorded webcasts in November. You will need to register for each event. These are excellent opportunities to obtain important information from EBP audit experts as well as CPE credit that you or your staff may need.
Click on the links below to register for each individual
Registration questions for these AICPA webcasts can be emailed to Nisha Gordhan at nisha.gorhan@aicpa-cima.com
December 6-7 AICPA EBP Accounting, Auditing and Regulatory Update Online Conference - Special Member Benefit
The AICPA Employee Benefit Plans Accounting, Auditing and Regulatory Update (AARU) Online Conference will be held virtually on December 6-7, 2021. This conference offers up to 8 hours of CPE credit. It is specifically designed over 2 half-days (12:30-4:50 p.m. Eastern Time (ET)), to allow both east and west coast participants to interact and chat live during sessions with the speakers and other fellow virtual attendees.
The online conference will include an employee benefit plans legislative update; two audit & accounting sessions, including SAS 136 implementation and a SAS 136 Q&A session with speakers whose firms have adopted the standard; a Department of Labor (DOL) update; a financial statement refresh session to revisit financial statements and ensure that they are up to date with fair value standards and other relevant standards that impact reporting; a session on multiple employer plans (MEPs), pooled employer plans (PEPs), and Defined Contribution Group (DCG) filings; and cybersecurity. The conference will wrap-up with the popular "Ask the Experts" session.
Register before October 22 to receive an additional early bird discount of $50. EBPAQC members qualify for an additional $50 discount. Be sure to enter the coupon code "EBPAQC."
Click here to register the December 6-7 AICPA Employee Benefit Plans Accounting, Auditing and Regulatory Update (AARU) Update Online Conference.
Sincerely,
AICPA Employee Benefit Plans Audit Quality Center |
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In This Alert |
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Additional Resources |
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Stay Informed |
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