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Project Aims to Simplify Employee Benefit Plan Reporting
Posted by Kevin Petrosino on Thu, Mar 26, 2015 @ 09:35 AM

The Financial Accounting Standards Board (FASB) is examining options to simplify employee benefit plan (EBP) accounting standards.
 
EBP financial reporting has historically been complex. During the 2014 fiscal year, the Employee Benefits Security Administration (EBSA) processed 26,665 applications from plan sponsors seeking to voluntarily correct mistakes in their benefit plan reporting.
 
Prompted by the AICPA's EBP Expert Panel, FASB's Emerging Issues Task Force (EITF) added Issue No. 15-C, Accounting Issues in Employee Benefit Plan Financial Statements to its agenda in November 2014. A proposed agenda for employee benefit plan simplifications was made available prior to the March 19, 2015, EITF meeting.

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Topics: employee benefit plan, Kevin Petrosino

The Value of an Annual Retirement Plan Audit
Posted by Kevin Petrosino on Mon, Jul 1, 2013 @ 09:05 AM

Most retirement plans with 100 or more participants, and some plans with fewer participants, are required to have an annual audit under federal pension law (ERISA). While this is a federal reporting requirement, an audit of your retirement plan also has numerous benefits for your company. The value of an annual retirement plan audit includes:

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Topics: retirement plans, audit, Kevin Petrosino

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