SlideShare a Scribd company logo
1 of 39
Building Successful
Employee Relationships
A Cornerstone to Fraud Prevention
and Risk Management
Building Successful
Employee Relationships
A Cornerstone to Fraud Prevention
and Risk Management
Building Successful
Employee Relationships
A Cornerstone to Fraud Prevention
and Risk Management
Retirement Plan
Accounting:
A Sponsors Perspective
Dan Sturm, Principal
Shalane Cohen, Senior Manager
Danielle Guinter, Senior Manager
Introductions
Dan Sturm
• Principal
• CPA
• Employee Benefits
Plan Leader
Shalane Cohen
• Senior Manager
• CPA
Danielle Guinter
• Senior Manager
• CPA
Objectives
• Gain understanding of new accounting pronouncements that directly
impact employee benefit plan accounting and disclosures.
• Gain an understanding of updates to regulations that relate to 401(k)
and pension plan accounting.
• Provide tools to select a qualified plan auditor.
• Understand common audit pitfalls.
• Identify ways to mitigate the risk of a costly mistake in administering a
benefit plan through examples of ERISA criminal cases.
Accounting Standards
Update
Accounting Standards Update (ASU)
2015-07
• Disclosures for Investments in Certain Entities that Calculate Net
Asset Value
• Clarifies how investments valued using the net asset value (NAV) practical
expedient within the fair value hierarchy should be classified.
• Issued in order to address diversity in practice.
• Key provision exempts investments measured using the NAV practical
expedient from categorization within the fair value hierarchy and related
disclosures.
• Early adoption will likely save time on year end audits.
• Effective for fiscal years beginning after December 15, 2015, and early
adoption is permitted.
Accounting Standards Update (ASU)
2015-07
• ASU 2015-07 - Entities that elect to measure the FV of an
investment using the NAV (or its equivalent) per share
• Previously reported as Level 2 or 3
• No longer required to be classified as level 1, 2, or 3
• Now presented as reconciling item in table
Accounting Standards Update (ASU)
2015-12
• Plan Accounting
• Three Parts
• Part I Fully Benefit-Responsive Investment Contracts
• Part II Plan Investment Disclosures
• Part III Measurement Date Practical Expedient.
• ASU simplifies or eliminate some of the financial statement reporting and
disclosures that were previously required for employee benefit plans.
• Effective for years beginning after December 15, 2015
• Early adoption permitted and encouraged
Part I: Fully Benefit-Responsive
Investment Contracts
• Simplifies reporting with respect to fully benefit-responsive
investment contracts and disclosures
• NO adjustment from fair value to contract value on the face of the financial
statements.
• NOT included in the fair value table in the notes to the financial statements
• No reconciliation of beginning and ending values for the plan year
• NO disclosure of quantitative inputs to valuation
• Does NOT apply to CCT’s and Stable Value Funds that invest in GIC’s
(See ASU 2015-07)
Part I: No FV to CV Adjustment
Investments at contract value
7,377,000 $6,245,000
1,500,000 $1,400,000
Part I: Not Included in the Fair Value
Table in the Notes
$7,377,000
Part I: Quantitative Disclosures &
Level 3 Reconciliation
Part II: Plan Investment Disclosures
• Investments in the hierarchy table are no longer segregated by nature, characteristics, and risk,
but only by general type of investment (i.e. bonds, mutual funds, collective funds, etc.)
• Self directed brokerage accounts are one general type
Part II: Plan Investment Disclosures
• Not required to disclose individual investments >=5% of net assets
available for benefits
• Net appreciation/depreciation only disclosed in aggregate, not by
investment type
• Investment strategy disclosures for investments measured at NAV
(or its equivalent) using practical expedient in ASC 820 are not
required if that investment is in a fund that files an annual report on
Form 5500 as a direct-filing entity (DFE).
• Investment listed on Schedule D of Form 5500 are DFE’s
Part II: Plan Investment Disclosures
Part III: Measurement Date Practical
Expedient
• Applies to plans with a fiscal year end that does not coincide with a
month end.
• Provides a practical expedient to permit plans to measure
investments and investment-related accounts as of a month-end
date that is closest to the plan’s fiscal-year.
Regulations Update
IRS Determination Letters
• April 30, 2016 deadline for pre-approved retirement plan documents
• What happens if a client did not adopt?
• They make a VCP submission. Restore the tax-favored status of the plan by adopting a
restated plan document and filing a VCP submission with the IRS. Samples on IRS website
• New option allows financial institution or service provider to request a closing agreement on
their behalf.
• 403(b) IRS Determination Letters
IRS Determination Letters
• Effective January 1, 2017, the staggered five year cycle for individually
designed plans will be eliminated.
• From this date on, a sponsor of an individually designed plan will be
permitted to submit a letter application for a plan on initial plan
qualification and for qualification upon plan termination.
• What does this mean for our clients?
• The DOT and IRS that they are considering ways to make it easier for plan sponsors
to comply with the qualified plan document requirements. Potential examples:
• Providing model amendments
• Not requiring certain plan provisions or amendments if not relevant to plan
Form 5500 Changes for 2015
• In 2014, IRS announced proposed changes to the Form 5500 series
to monitor plan compliance.
• Plan compliance questions are found in Schedules H, I and R, and
they are optional for the 2015 plan year.
• IRS has released an FAQ document for changes
• Congress has repealed change in law that would have given plans
another month with the extension.
DOL Conflict of Interest Rule
• DOL says rules have not been meaningfully changed since 1975
• “The conflict of interest final rule and related exemptions will
protect investors by requiring all who provide retirement
investment advice to plans and IRAs to abide by a “fiduciary”
standard – putting their clients’ best interest before their own
profits.”
• The final rule is effective in phases between April 10, 2017 and
January 1, 2018.
Missed Deferrals
• IRS modified Employee Plans Compliance Resolution System which
permits plan sponsors to correct failures and maintain qualified
status easier
• https://www.irs.gov/Retirement-Plans/New-Methods-for-
Correcting-Elective-Deferral-Errors
Corrective EE Contributions
BEFORE
• Plan sponsor was required to make a QNEC of 50% of the amount the affected
participant would have deferred
NOW
• No corrective contributions are required if
• Correct deferrals begin by the first payment of compensation made after the earlier of
• Three months after the failure first began for the affected employee
• The last day of the month after the month the affected eligible employee first notified the plan sponsor
• 25% corrective contributions are required if
• Period of failure exceeds 3 months but correct deferrals begin by the earlier of
• The last day of the second plan year after the plan year in which the failure first occurred
• The last day of the month after the month the affected employee notified the plan sponsor
Corrective Contributions
Under both situations the plan sponsor must also…
• Issue a written notice to affected employees within 45 days after the
date corrected deferrals begin
• Make corrective contributions to make up for missed matching
contributions plus earnings on all missed deferrals
Selecting A Plan Auditor
and Audit Pitfalls
Selecting an Auditor
• During December 2015 DOL sent letters to all plan administrators
required to have audit
• Indicated importance of hiring a qualified and experienced CPA firm
• Urges administrators to use care in selecting and auditor
• Consider:
• Number of plans audited by CPA firm
• Extent of CPA firm trainings
• Status of CPA firm license
• Whether the firm has been subject to DOL findings or referrals
• Results of recent CPA firm peer review
Selecting an Auditor
• A quality audit will help a plan administrator carry out its legal
responsibility to file a complete and accurate annual return/report for
the plan each year.
• DOL provides guidance and Q&A for selecting an auditor at
http://www.dol.gov/ebsa/publications/selectinganauditor.html
• AICPA provide guidance on selecting an auditor at:
http://www.aicpa.org/InterestAreas/EmployeeBenefitPlanAuditQuality/
Resources/PlanSponsorResourceCenter/DownloadableDocuments/Plan_
Sponsor_Guidelines_preparing_RFP.pdf
Selecting an Auditor
McKonly & Asbury
• Dedicated employee benefit plan team
• Member of the AIPCA Employee Benefit Plan Audit Quality Center
• 75+ employee benefit plan audits including defined contribution, defined
benefit, health & welfare, ESOP and 403b plans
• Practice continues to grow and has more than tripled in size in last 10 years
• Entire team trained at least annually, several members attend local and
national benefit plan conferences at least annually
• Firm license is active
• Has not been subjected to DOL findings or referrals
• Received a “pass” on recent peer review
DOL Audit Findings/Update
• Audits becoming more deficient
• Recent DOL audit study:
• 4/10 audits fail to meet professional standards
• 28 CPA’s sent to state boards
• Potential $50k penalty for deficient audits
• Emphasized focus on plan cyber security, expect additional
requirements similar to healthcare data protection
ERISA Criminal Case
Examples
Produce Distributor Embezzling
Money
From Profit-Sharing Plan Case• IRS announced indictment charging the owner and trustee of the plan with embezzling
800k from the profit-sharing plan to the corporate accounts.
• Was done in 3 separate transactions of $350k, 415k & 73K causing the plan worth
almost 900k to essentially be depleted
• Alleged that this money was used to purchase produce for the company and for the
President’s personal expenses.
• In order to cover up the embezzlement, plan statements were created that reflected
the employees’ full account balances as if no money has been taken out of the Plan.
• DOL Assistant Secretary stated: Let this indictment remind fiduciaries that we will not
tolerate benefit plan assets being misused to subsidize a lifestyle. They must conduct
themselves with undivided loyalty to safeguarding the retirement security of the plan’s
participants, and we will vigorously pursue all legal remedies when our investigations
uncover such betrayals of trust.
Gruber Systems, Inc. Employee Stock
Ownership Plan Case
• DOL filed a complaint alleging the defendants caused the company’s employee stock
ownership plan to purchase company stock for significantly more than fair market
value, resulting in losses to participants.
• DOL alleged the money was used to fund the financially distressed company instead to
fund the retirement accounts of Gruber retirees.
• The judgment ordered the company and CEO to return $1.1 million to the company’s
ESOP for losses plus $220,000 in civil money penalties.
• Defendants are permanently barred from serving as a fiduciary or service provider to
an ERISA covered employee benefit plan.
• Regional director, Crisanta Johnson, of EBSA is quoted as saying: “Employee Stock
Ownership Plans are intended to promote employee ownership and fund employees’
retirements, not to bail out a plan sponsor experiencing financial distress.”
Questions?
Dan Sturm
• Principal
• CPA
• Employee Benefits
Plan Leader
• dsturm@macpas.com
Shalane Cohen
• Senior Manager
• CPA
• scohen@macpas.com
Danielle Guinter
• Senior Manager
• CPA
• dguinter@macpas.com
Questions?
Dan Sturm
• Principal
• CPA
• Employee Benefits
Plan Leader
• dsturm@macpas.com
Shalane Cohen
• Senior Manager
• CPA
• scohen@macpas.com
Danielle Guinter
• Senior Manager
• CPA
• dguinter@macpas.com
Building Successful
Employee Relationships
A Cornerstone to Fraud Prevention
and Risk Management

More Related Content

What's hot

2018 Community Health Center Accounting Standards Update
2018 Community Health Center Accounting Standards Update2018 Community Health Center Accounting Standards Update
2018 Community Health Center Accounting Standards UpdateJones & Roth
 
Improving employee benefit plan audits
Improving employee benefit plan auditsImproving employee benefit plan audits
Improving employee benefit plan auditsCarol Buckmann
 
A Bird’s Eye View of the Retirement Plan Business
A Bird’s Eye View of the Retirement Plan BusinessA Bird’s Eye View of the Retirement Plan Business
A Bird’s Eye View of the Retirement Plan BusinessBPAS
 
Implementing Appropriate and Timely Corrective Actions
Implementing Appropriate and Timely Corrective ActionsImplementing Appropriate and Timely Corrective Actions
Implementing Appropriate and Timely Corrective ActionsDiane Bradley
 
Digital cpa webcast ssars21 - external use
Digital cpa webcast   ssars21 - external useDigital cpa webcast   ssars21 - external use
Digital cpa webcast ssars21 - external useCPA.com
 
EC Treasurer Report by Kenny Huang [APRICOT 2015]
EC Treasurer Report by Kenny Huang [APRICOT 2015]EC Treasurer Report by Kenny Huang [APRICOT 2015]
EC Treasurer Report by Kenny Huang [APRICOT 2015]APNIC
 
Accounting Standards Updates (ASU) Effective in 2016 or later years
Accounting Standards Updates (ASU) Effective in 2016 or later yearsAccounting Standards Updates (ASU) Effective in 2016 or later years
Accounting Standards Updates (ASU) Effective in 2016 or later yearsIrene Valverde
 
There is No such Thing as Free Federal Money - Federal Expenditures and SEFAs
There is No such Thing as Free Federal Money - Federal Expenditures and SEFAsThere is No such Thing as Free Federal Money - Federal Expenditures and SEFAs
There is No such Thing as Free Federal Money - Federal Expenditures and SEFAsDiane Bradley
 
Non-Profit Grant Management
Non-Profit Grant ManagementNon-Profit Grant Management
Non-Profit Grant ManagementTexas ACE
 
January 2017 se cin-focus_00138-171us
January 2017   se cin-focus_00138-171usJanuary 2017   se cin-focus_00138-171us
January 2017 se cin-focus_00138-171usAzhar Qureshi
 
2 form 5500 update 06.18.15dp
2 form 5500 update 06.18.15dp2 form 5500 update 06.18.15dp
2 form 5500 update 06.18.15dpCarol Buckmann
 
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...Citrin Cooperman
 
Dynamic Changes Occurring: OMB's Uniform Grant Guidance
Dynamic Changes Occurring: OMB's Uniform Grant GuidanceDynamic Changes Occurring: OMB's Uniform Grant Guidance
Dynamic Changes Occurring: OMB's Uniform Grant GuidanceStreamLinkSoftware
 
Creative DC/DB Plan Design & Case Studies
Creative DC/DB Plan Design & Case StudiesCreative DC/DB Plan Design & Case Studies
Creative DC/DB Plan Design & Case StudiesBPAS
 
Financial Management Training 10.20.2010
Financial Management Training 10.20.2010Financial Management Training 10.20.2010
Financial Management Training 10.20.2010GlobalGiving
 

What's hot (20)

Provisional_Billing_Rates
Provisional_Billing_RatesProvisional_Billing_Rates
Provisional_Billing_Rates
 
2018 Community Health Center Accounting Standards Update
2018 Community Health Center Accounting Standards Update2018 Community Health Center Accounting Standards Update
2018 Community Health Center Accounting Standards Update
 
Improving employee benefit plan audits
Improving employee benefit plan auditsImproving employee benefit plan audits
Improving employee benefit plan audits
 
A Bird’s Eye View of the Retirement Plan Business
A Bird’s Eye View of the Retirement Plan BusinessA Bird’s Eye View of the Retirement Plan Business
A Bird’s Eye View of the Retirement Plan Business
 
Implementing Appropriate and Timely Corrective Actions
Implementing Appropriate and Timely Corrective ActionsImplementing Appropriate and Timely Corrective Actions
Implementing Appropriate and Timely Corrective Actions
 
Digital cpa webcast ssars21 - external use
Digital cpa webcast   ssars21 - external useDigital cpa webcast   ssars21 - external use
Digital cpa webcast ssars21 - external use
 
EC Treasurer Report by Kenny Huang [APRICOT 2015]
EC Treasurer Report by Kenny Huang [APRICOT 2015]EC Treasurer Report by Kenny Huang [APRICOT 2015]
EC Treasurer Report by Kenny Huang [APRICOT 2015]
 
Week 3 and_4_power_point-acct_101
Week 3 and_4_power_point-acct_101Week 3 and_4_power_point-acct_101
Week 3 and_4_power_point-acct_101
 
HARI_CIMA CMA CA
HARI_CIMA CMA CAHARI_CIMA CMA CA
HARI_CIMA CMA CA
 
Accounting Standards Updates (ASU) Effective in 2016 or later years
Accounting Standards Updates (ASU) Effective in 2016 or later yearsAccounting Standards Updates (ASU) Effective in 2016 or later years
Accounting Standards Updates (ASU) Effective in 2016 or later years
 
There is No such Thing as Free Federal Money - Federal Expenditures and SEFAs
There is No such Thing as Free Federal Money - Federal Expenditures and SEFAsThere is No such Thing as Free Federal Money - Federal Expenditures and SEFAs
There is No such Thing as Free Federal Money - Federal Expenditures and SEFAs
 
Non-Profit Grant Management
Non-Profit Grant ManagementNon-Profit Grant Management
Non-Profit Grant Management
 
January 2017 se cin-focus_00138-171us
January 2017   se cin-focus_00138-171usJanuary 2017   se cin-focus_00138-171us
January 2017 se cin-focus_00138-171us
 
2 form 5500 update 06.18.15dp
2 form 5500 update 06.18.15dp2 form 5500 update 06.18.15dp
2 form 5500 update 06.18.15dp
 
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...
C-Suite Snacks Webinar Series: Not Sold on Selling Your Business? Why Now is ...
 
Dynamic Changes Occurring: OMB's Uniform Grant Guidance
Dynamic Changes Occurring: OMB's Uniform Grant GuidanceDynamic Changes Occurring: OMB's Uniform Grant Guidance
Dynamic Changes Occurring: OMB's Uniform Grant Guidance
 
Amit
AmitAmit
Amit
 
Creative DC/DB Plan Design & Case Studies
Creative DC/DB Plan Design & Case StudiesCreative DC/DB Plan Design & Case Studies
Creative DC/DB Plan Design & Case Studies
 
Financial Management Training 10.20.2010
Financial Management Training 10.20.2010Financial Management Training 10.20.2010
Financial Management Training 10.20.2010
 
Week 06 power_point-acct_101_8w_online
Week 06 power_point-acct_101_8w_onlineWeek 06 power_point-acct_101_8w_online
Week 06 power_point-acct_101_8w_online
 

Viewers also liked

EstCORE veebinar
EstCORE veebinarEstCORE veebinar
EstCORE veebinarifi8106tlu
 
M'Finda Kalunga Community Garden
M'Finda Kalunga Community Garden M'Finda Kalunga Community Garden
M'Finda Kalunga Community Garden Caitlin
 
Grafico diario del s&p 500 para el 14 10 2011
Grafico diario del s&p 500 para el 14 10 2011Grafico diario del s&p 500 para el 14 10 2011
Grafico diario del s&p 500 para el 14 10 2011Experiencia Trading
 
Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...
Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...
Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...Fernando Maciá Domene
 
Towards educational cloud
Towards educational cloudTowards educational cloud
Towards educational cloudMart Laanpere
 
Teacher Education, the European Dimension
Teacher Education, the European Dimension Teacher Education, the European Dimension
Teacher Education, the European Dimension Mart Laanpere
 
2016-05-11 research seminar
2016-05-11 research seminar2016-05-11 research seminar
2016-05-11 research seminarifi8106tlu
 
Crédit Agricole S.A. Personae et Parcours
Crédit Agricole S.A. Personae et ParcoursCrédit Agricole S.A. Personae et Parcours
Crédit Agricole S.A. Personae et ParcoursBeMyApp
 
Taller de redes sociales ucjc
Taller de redes sociales ucjcTaller de redes sociales ucjc
Taller de redes sociales ucjcEli Garcia
 
Samsung Digi Pass õpimärgid
Samsung Digi Pass õpimärgidSamsung Digi Pass õpimärgid
Samsung Digi Pass õpimärgidMart Laanpere
 
Google analytics para inbound marketing. Eli Garcia. Mondragon Unibertsitatea
Google analytics para inbound marketing. Eli Garcia. Mondragon UnibertsitateaGoogle analytics para inbound marketing. Eli Garcia. Mondragon Unibertsitatea
Google analytics para inbound marketing. Eli Garcia. Mondragon UnibertsitateaEli Garcia
 
H2 antagonist and ppi
H2 antagonist and ppiH2 antagonist and ppi
H2 antagonist and ppinaseefa
 
Health determinants
Health determinantsHealth determinants
Health determinantsCarlos Amade
 

Viewers also liked (20)

EstCORE veebinar
EstCORE veebinarEstCORE veebinar
EstCORE veebinar
 
Capital
CapitalCapital
Capital
 
M'Finda Kalunga Community Garden
M'Finda Kalunga Community Garden M'Finda Kalunga Community Garden
M'Finda Kalunga Community Garden
 
Turismo Emprendedor
Turismo EmprendedorTurismo Emprendedor
Turismo Emprendedor
 
Grafico diario del s&p 500 para el 14 10 2011
Grafico diario del s&p 500 para el 14 10 2011Grafico diario del s&p 500 para el 14 10 2011
Grafico diario del s&p 500 para el 14 10 2011
 
Cartilla fenicia virtuales
Cartilla fenicia virtualesCartilla fenicia virtuales
Cartilla fenicia virtuales
 
ENTEP and TEPE
ENTEP and TEPEENTEP and TEPE
ENTEP and TEPE
 
Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...
Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...
Posicionamiento en Buscadores Medio (Human Level Communications en Congreso d...
 
Test game
Test gameTest game
Test game
 
Towards educational cloud
Towards educational cloudTowards educational cloud
Towards educational cloud
 
Teacher Education, the European Dimension
Teacher Education, the European Dimension Teacher Education, the European Dimension
Teacher Education, the European Dimension
 
Apresentação1
Apresentação1Apresentação1
Apresentação1
 
Presentacion jupabus
Presentacion jupabusPresentacion jupabus
Presentacion jupabus
 
2016-05-11 research seminar
2016-05-11 research seminar2016-05-11 research seminar
2016-05-11 research seminar
 
Crédit Agricole S.A. Personae et Parcours
Crédit Agricole S.A. Personae et ParcoursCrédit Agricole S.A. Personae et Parcours
Crédit Agricole S.A. Personae et Parcours
 
Taller de redes sociales ucjc
Taller de redes sociales ucjcTaller de redes sociales ucjc
Taller de redes sociales ucjc
 
Samsung Digi Pass õpimärgid
Samsung Digi Pass õpimärgidSamsung Digi Pass õpimärgid
Samsung Digi Pass õpimärgid
 
Google analytics para inbound marketing. Eli Garcia. Mondragon Unibertsitatea
Google analytics para inbound marketing. Eli Garcia. Mondragon UnibertsitateaGoogle analytics para inbound marketing. Eli Garcia. Mondragon Unibertsitatea
Google analytics para inbound marketing. Eli Garcia. Mondragon Unibertsitatea
 
H2 antagonist and ppi
H2 antagonist and ppiH2 antagonist and ppi
H2 antagonist and ppi
 
Health determinants
Health determinantsHealth determinants
Health determinants
 

Similar to Retirement Plan Accounting: A Sponsor's Perspective

Hiring the Right Auditor for your Benefit Plan
Hiring the Right Auditor for your Benefit PlanHiring the Right Auditor for your Benefit Plan
Hiring the Right Auditor for your Benefit PlanClark Schaefer Hackett
 
Navigating Your 401(k) Audit
Navigating Your 401(k) AuditNavigating Your 401(k) Audit
Navigating Your 401(k) AuditSkoda Minotti
 
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...BPAS
 
Employee Benefit Plans and COVID-19 Impact
Employee Benefit Plans and COVID-19 ImpactEmployee Benefit Plans and COVID-19 Impact
Employee Benefit Plans and COVID-19 ImpactCitrin Cooperman
 
Top Common Code Section 403(b) Problems and Solutions
Top Common Code Section 403(b) Problems and SolutionsTop Common Code Section 403(b) Problems and Solutions
Top Common Code Section 403(b) Problems and SolutionsMultnomah Group, Inc.
 
Step to Success
Step to SuccessStep to Success
Step to Successslamour13
 
2015-06-25 Trending Topics in Employee Benefit Plans
2015-06-25 Trending Topics in Employee Benefit Plans2015-06-25 Trending Topics in Employee Benefit Plans
2015-06-25 Trending Topics in Employee Benefit PlansRaffa Learning Community
 
Year End Accounting Standards Update
Year End Accounting Standards UpdateYear End Accounting Standards Update
Year End Accounting Standards UpdateTyler Wenger
 
Year End Accounting Standards Update
Year End Accounting Standards UpdateYear End Accounting Standards Update
Year End Accounting Standards UpdateMcKonly & Asbury, LLP
 
Update on accounting and audit 2022(14904885_1).PPTX
Update on accounting and audit 2022(14904885_1).PPTXUpdate on accounting and audit 2022(14904885_1).PPTX
Update on accounting and audit 2022(14904885_1).PPTXFelixPerez547899
 
Current Accounting and Reporting Developments Webcast Series Q4
Current Accounting and Reporting Developments Webcast Series Q4Current Accounting and Reporting Developments Webcast Series Q4
Current Accounting and Reporting Developments Webcast Series Q4PwC
 
How to Avoid 401(k) and Pension Plan Disasters
How to Avoid 401(k) and Pension Plan DisastersHow to Avoid 401(k) and Pension Plan Disasters
How to Avoid 401(k) and Pension Plan DisastersMcKonly & Asbury, LLP
 
Application of the New Revenue Standard
Application of the New Revenue StandardApplication of the New Revenue Standard
Application of the New Revenue StandardMcKonly & Asbury, LLP
 
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...McKonly & Asbury, LLP
 
2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf
2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf
2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdfCompliatric Where Compliance Happens
 

Similar to Retirement Plan Accounting: A Sponsor's Perspective (20)

Buyer's Guide
Buyer's GuideBuyer's Guide
Buyer's Guide
 
Hiring the Right Auditor for your Benefit Plan
Hiring the Right Auditor for your Benefit PlanHiring the Right Auditor for your Benefit Plan
Hiring the Right Auditor for your Benefit Plan
 
Navigating Your 401(k) Audit
Navigating Your 401(k) AuditNavigating Your 401(k) Audit
Navigating Your 401(k) Audit
 
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...
Fee Policy Statement Kit: Best Practices for Managing Plan Expenses - Brian B...
 
Employee Benefit Plans and COVID-19 Impact
Employee Benefit Plans and COVID-19 ImpactEmployee Benefit Plans and COVID-19 Impact
Employee Benefit Plans and COVID-19 Impact
 
2012-03-14 Prep for your EBP Audit
2012-03-14 Prep for your EBP Audit2012-03-14 Prep for your EBP Audit
2012-03-14 Prep for your EBP Audit
 
Lectures.pptx
Lectures.pptxLectures.pptx
Lectures.pptx
 
Top Common Code Section 403(b) Problems and Solutions
Top Common Code Section 403(b) Problems and SolutionsTop Common Code Section 403(b) Problems and Solutions
Top Common Code Section 403(b) Problems and Solutions
 
2013-03-27 Preparing for Your EBP Audit
2013-03-27 Preparing for Your EBP Audit2013-03-27 Preparing for Your EBP Audit
2013-03-27 Preparing for Your EBP Audit
 
Step to Success
Step to SuccessStep to Success
Step to Success
 
2015-06-25 Trending Topics in Employee Benefit Plans
2015-06-25 Trending Topics in Employee Benefit Plans2015-06-25 Trending Topics in Employee Benefit Plans
2015-06-25 Trending Topics in Employee Benefit Plans
 
Year End Accounting Standards Update
Year End Accounting Standards UpdateYear End Accounting Standards Update
Year End Accounting Standards Update
 
Year End Accounting Standards Update
Year End Accounting Standards UpdateYear End Accounting Standards Update
Year End Accounting Standards Update
 
401k update
401k update401k update
401k update
 
Update on accounting and audit 2022(14904885_1).PPTX
Update on accounting and audit 2022(14904885_1).PPTXUpdate on accounting and audit 2022(14904885_1).PPTX
Update on accounting and audit 2022(14904885_1).PPTX
 
Current Accounting and Reporting Developments Webcast Series Q4
Current Accounting and Reporting Developments Webcast Series Q4Current Accounting and Reporting Developments Webcast Series Q4
Current Accounting and Reporting Developments Webcast Series Q4
 
How to Avoid 401(k) and Pension Plan Disasters
How to Avoid 401(k) and Pension Plan DisastersHow to Avoid 401(k) and Pension Plan Disasters
How to Avoid 401(k) and Pension Plan Disasters
 
Application of the New Revenue Standard
Application of the New Revenue StandardApplication of the New Revenue Standard
Application of the New Revenue Standard
 
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...
Not-for-Profit Financial Reporting: How to Convert Your Financial Statements ...
 
2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf
2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf
2022 Compliatric Continuous Compliance Series - Chapters 15 and 17.pdf
 

More from McKonly & Asbury, LLP

Ratio Analysis and Business Performance – Why Should I Care – Part 2?
Ratio Analysis and Business Performance – Why Should I Care – Part 2?Ratio Analysis and Business Performance – Why Should I Care – Part 2?
Ratio Analysis and Business Performance – Why Should I Care – Part 2?McKonly & Asbury, LLP
 
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...McKonly & Asbury, LLP
 
2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate
2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate
2019 State Taxes: Pennsylvania Update and The Multistate Tax ClimateMcKonly & Asbury, LLP
 
Leasing: A New Standard is Finally Here
Leasing: A New Standard is Finally HereLeasing: A New Standard is Finally Here
Leasing: A New Standard is Finally HereMcKonly & Asbury, LLP
 
Business Valuation Update & Impact of the Tax Cuts and Jobs Act
Business Valuation Update & Impact of the Tax Cuts and Jobs ActBusiness Valuation Update & Impact of the Tax Cuts and Jobs Act
Business Valuation Update & Impact of the Tax Cuts and Jobs ActMcKonly & Asbury, LLP
 
Tax Cut and Jobs Act: What You Need to Know
Tax Cut and Jobs Act: What You Need to KnowTax Cut and Jobs Act: What You Need to Know
Tax Cut and Jobs Act: What You Need to KnowMcKonly & Asbury, LLP
 
Business Ethics & The Three Monkeys in the Room
Business Ethics & The Three Monkeys in the RoomBusiness Ethics & The Three Monkeys in the Room
Business Ethics & The Three Monkeys in the RoomMcKonly & Asbury, LLP
 
Modern Trust Laws: Delivering Direction and Control
Modern Trust Laws: Delivering Direction and ControlModern Trust Laws: Delivering Direction and Control
Modern Trust Laws: Delivering Direction and ControlMcKonly & Asbury, LLP
 
Cybersecurity Risk Management Program and Your Organization
Cybersecurity Risk Management Program and Your OrganizationCybersecurity Risk Management Program and Your Organization
Cybersecurity Risk Management Program and Your OrganizationMcKonly & Asbury, LLP
 
Professional Ethics for CPAs - What the Rules Say and How to Interpret Them
Professional Ethics for CPAs - What the Rules Say and How to Interpret ThemProfessional Ethics for CPAs - What the Rules Say and How to Interpret Them
Professional Ethics for CPAs - What the Rules Say and How to Interpret ThemMcKonly & Asbury, LLP
 
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...McKonly & Asbury, LLP
 
Navigating the new Trust Services Criteria
Navigating the new Trust Services CriteriaNavigating the new Trust Services Criteria
Navigating the new Trust Services CriteriaMcKonly & Asbury, LLP
 
Tax Credit Opportunities for Historic Building Rehabilitations
Tax Credit Opportunities for Historic Building RehabilitationsTax Credit Opportunities for Historic Building Rehabilitations
Tax Credit Opportunities for Historic Building RehabilitationsMcKonly & Asbury, LLP
 
Preparing to Buy? Topics and Tips for Buying a Business
Preparing to Buy? Topics and Tips for Buying a BusinessPreparing to Buy? Topics and Tips for Buying a Business
Preparing to Buy? Topics and Tips for Buying a BusinessMcKonly & Asbury, LLP
 
Data Analytics: Better Decision, Better Business
Data Analytics: Better Decision, Better BusinessData Analytics: Better Decision, Better Business
Data Analytics: Better Decision, Better BusinessMcKonly & Asbury, LLP
 
Tax Reform Legislation Analysis - Part 2
Tax Reform Legislation Analysis - Part 2Tax Reform Legislation Analysis - Part 2
Tax Reform Legislation Analysis - Part 2McKonly & Asbury, LLP
 
Preparing to Buy or Sell? Topics and Tips for a Successful Transition
Preparing to Buy or Sell? Topics and Tips for a Successful TransitionPreparing to Buy or Sell? Topics and Tips for a Successful Transition
Preparing to Buy or Sell? Topics and Tips for a Successful TransitionMcKonly & Asbury, LLP
 
Ethics: Real Life Application of the AICPA Code of Professional Conduct
Ethics: Real Life Application of the AICPA Code of Professional ConductEthics: Real Life Application of the AICPA Code of Professional Conduct
Ethics: Real Life Application of the AICPA Code of Professional ConductMcKonly & Asbury, LLP
 

More from McKonly & Asbury, LLP (20)

Ethics: A Focus on the 7 Threats
Ethics: A Focus on the 7 ThreatsEthics: A Focus on the 7 Threats
Ethics: A Focus on the 7 Threats
 
Ratio Analysis and Business Performance – Why Should I Care – Part 2?
Ratio Analysis and Business Performance – Why Should I Care – Part 2?Ratio Analysis and Business Performance – Why Should I Care – Part 2?
Ratio Analysis and Business Performance – Why Should I Care – Part 2?
 
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...
Not-For-Profit Organizations: Lessons Learned from Implementation of the New ...
 
2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate
2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate
2019 State Taxes: Pennsylvania Update and The Multistate Tax Climate
 
Leasing: A New Standard is Finally Here
Leasing: A New Standard is Finally HereLeasing: A New Standard is Finally Here
Leasing: A New Standard is Finally Here
 
Business Valuation Update & Impact of the Tax Cuts and Jobs Act
Business Valuation Update & Impact of the Tax Cuts and Jobs ActBusiness Valuation Update & Impact of the Tax Cuts and Jobs Act
Business Valuation Update & Impact of the Tax Cuts and Jobs Act
 
Tax Cut and Jobs Act: What You Need to Know
Tax Cut and Jobs Act: What You Need to KnowTax Cut and Jobs Act: What You Need to Know
Tax Cut and Jobs Act: What You Need to Know
 
Business Ethics & The Three Monkeys in the Room
Business Ethics & The Three Monkeys in the RoomBusiness Ethics & The Three Monkeys in the Room
Business Ethics & The Three Monkeys in the Room
 
Modern Trust Laws: Delivering Direction and Control
Modern Trust Laws: Delivering Direction and ControlModern Trust Laws: Delivering Direction and Control
Modern Trust Laws: Delivering Direction and Control
 
Cybersecurity Risk Management Program and Your Organization
Cybersecurity Risk Management Program and Your OrganizationCybersecurity Risk Management Program and Your Organization
Cybersecurity Risk Management Program and Your Organization
 
Professional Ethics for CPAs - What the Rules Say and How to Interpret Them
Professional Ethics for CPAs - What the Rules Say and How to Interpret ThemProfessional Ethics for CPAs - What the Rules Say and How to Interpret Them
Professional Ethics for CPAs - What the Rules Say and How to Interpret Them
 
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...
2018 Pennsylvania Tax Update: The State Budget, Legislation, and Multistate T...
 
Navigating the new Trust Services Criteria
Navigating the new Trust Services CriteriaNavigating the new Trust Services Criteria
Navigating the new Trust Services Criteria
 
Tax Credit Opportunities for Historic Building Rehabilitations
Tax Credit Opportunities for Historic Building RehabilitationsTax Credit Opportunities for Historic Building Rehabilitations
Tax Credit Opportunities for Historic Building Rehabilitations
 
Preparing to Buy? Topics and Tips for Buying a Business
Preparing to Buy? Topics and Tips for Buying a BusinessPreparing to Buy? Topics and Tips for Buying a Business
Preparing to Buy? Topics and Tips for Buying a Business
 
Data Analytics: Better Decision, Better Business
Data Analytics: Better Decision, Better BusinessData Analytics: Better Decision, Better Business
Data Analytics: Better Decision, Better Business
 
Tax Reform Legislation Analysis - Part 2
Tax Reform Legislation Analysis - Part 2Tax Reform Legislation Analysis - Part 2
Tax Reform Legislation Analysis - Part 2
 
Tax Reform Legislation Analysis
Tax Reform Legislation AnalysisTax Reform Legislation Analysis
Tax Reform Legislation Analysis
 
Preparing to Buy or Sell? Topics and Tips for a Successful Transition
Preparing to Buy or Sell? Topics and Tips for a Successful TransitionPreparing to Buy or Sell? Topics and Tips for a Successful Transition
Preparing to Buy or Sell? Topics and Tips for a Successful Transition
 
Ethics: Real Life Application of the AICPA Code of Professional Conduct
Ethics: Real Life Application of the AICPA Code of Professional ConductEthics: Real Life Application of the AICPA Code of Professional Conduct
Ethics: Real Life Application of the AICPA Code of Professional Conduct
 

Recently uploaded

Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis:  Simple Linear Regression Multiple Linear RegressionRegression analysis:  Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear RegressionRavindra Nath Shukla
 
Progress Report - Oracle Database Analyst Summit
Progress  Report - Oracle Database Analyst SummitProgress  Report - Oracle Database Analyst Summit
Progress Report - Oracle Database Analyst SummitHolger Mueller
 
VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...
VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...
VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...Suhani Kapoor
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageMatteo Carbone
 
Pharma Works Profile of Karan Communications
Pharma Works Profile of Karan CommunicationsPharma Works Profile of Karan Communications
Pharma Works Profile of Karan Communicationskarancommunications
 
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Neil Kimberley
 
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...Aggregage
 
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature SetCreating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature SetDenis Gagné
 
A305_A2_file_Batkhuu progress report.pdf
A305_A2_file_Batkhuu progress report.pdfA305_A2_file_Batkhuu progress report.pdf
A305_A2_file_Batkhuu progress report.pdftbatkhuu1
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesDipal Arora
 
Understanding the Pakistan Budgeting Process: Basics and Key Insights
Understanding the Pakistan Budgeting Process: Basics and Key InsightsUnderstanding the Pakistan Budgeting Process: Basics and Key Insights
Understanding the Pakistan Budgeting Process: Basics and Key Insightsseri bangash
 
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...lizamodels9
 
A DAY IN THE LIFE OF A SALESMAN / WOMAN
A DAY IN THE LIFE OF A  SALESMAN / WOMANA DAY IN THE LIFE OF A  SALESMAN / WOMAN
A DAY IN THE LIFE OF A SALESMAN / WOMANIlamathiKannappan
 
Best Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in IndiaBest Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in IndiaShree Krishna Exports
 
Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsValue Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsP&CO
 
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779Delhi Call girls
 
9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi
9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi
9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 DelhiCall Girls in Delhi
 
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxWorkforce Group
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableDipal Arora
 

Recently uploaded (20)

Regression analysis: Simple Linear Regression Multiple Linear Regression
Regression analysis:  Simple Linear Regression Multiple Linear RegressionRegression analysis:  Simple Linear Regression Multiple Linear Regression
Regression analysis: Simple Linear Regression Multiple Linear Regression
 
Progress Report - Oracle Database Analyst Summit
Progress  Report - Oracle Database Analyst SummitProgress  Report - Oracle Database Analyst Summit
Progress Report - Oracle Database Analyst Summit
 
VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...
VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...
VIP Call Girls Gandi Maisamma ( Hyderabad ) Phone 8250192130 | ₹5k To 25k Wit...
 
Insurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usageInsurers' journeys to build a mastery in the IoT usage
Insurers' journeys to build a mastery in the IoT usage
 
Pharma Works Profile of Karan Communications
Pharma Works Profile of Karan CommunicationsPharma Works Profile of Karan Communications
Pharma Works Profile of Karan Communications
 
Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023Mondelez State of Snacking and Future Trends 2023
Mondelez State of Snacking and Future Trends 2023
 
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
The Path to Product Excellence: Avoiding Common Pitfalls and Enhancing Commun...
 
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature SetCreating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
Creating Low-Code Loan Applications using the Trisotech Mortgage Feature Set
 
A305_A2_file_Batkhuu progress report.pdf
A305_A2_file_Batkhuu progress report.pdfA305_A2_file_Batkhuu progress report.pdf
A305_A2_file_Batkhuu progress report.pdf
 
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
VVVIP Call Girls In Greater Kailash ➡️ Delhi ➡️ 9999965857 🚀 No Advance 24HRS...
 
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best ServicesMysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
Mysore Call Girls 8617370543 WhatsApp Number 24x7 Best Services
 
Understanding the Pakistan Budgeting Process: Basics and Key Insights
Understanding the Pakistan Budgeting Process: Basics and Key InsightsUnderstanding the Pakistan Budgeting Process: Basics and Key Insights
Understanding the Pakistan Budgeting Process: Basics and Key Insights
 
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
Call Girls In Holiday Inn Express Gurugram➥99902@11544 ( Best price)100% Genu...
 
A DAY IN THE LIFE OF A SALESMAN / WOMAN
A DAY IN THE LIFE OF A  SALESMAN / WOMANA DAY IN THE LIFE OF A  SALESMAN / WOMAN
A DAY IN THE LIFE OF A SALESMAN / WOMAN
 
Best Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in IndiaBest Basmati Rice Manufacturers in India
Best Basmati Rice Manufacturers in India
 
Value Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and painsValue Proposition canvas- Customer needs and pains
Value Proposition canvas- Customer needs and pains
 
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
Best VIP Call Girls Noida Sector 40 Call Me: 8448380779
 
9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi
9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi
9599632723 Top Call Girls in Delhi at your Door Step Available 24x7 Delhi
 
Cracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptxCracking the Cultural Competence Code.pptx
Cracking the Cultural Competence Code.pptx
 
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service AvailableCall Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
Call Girls Pune Just Call 9907093804 Top Class Call Girl Service Available
 

Retirement Plan Accounting: A Sponsor's Perspective

  • 1. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management
  • 2. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management
  • 3. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management
  • 4. Retirement Plan Accounting: A Sponsors Perspective Dan Sturm, Principal Shalane Cohen, Senior Manager Danielle Guinter, Senior Manager
  • 5. Introductions Dan Sturm • Principal • CPA • Employee Benefits Plan Leader Shalane Cohen • Senior Manager • CPA Danielle Guinter • Senior Manager • CPA
  • 6. Objectives • Gain understanding of new accounting pronouncements that directly impact employee benefit plan accounting and disclosures. • Gain an understanding of updates to regulations that relate to 401(k) and pension plan accounting. • Provide tools to select a qualified plan auditor. • Understand common audit pitfalls. • Identify ways to mitigate the risk of a costly mistake in administering a benefit plan through examples of ERISA criminal cases.
  • 8. Accounting Standards Update (ASU) 2015-07 • Disclosures for Investments in Certain Entities that Calculate Net Asset Value • Clarifies how investments valued using the net asset value (NAV) practical expedient within the fair value hierarchy should be classified. • Issued in order to address diversity in practice. • Key provision exempts investments measured using the NAV practical expedient from categorization within the fair value hierarchy and related disclosures. • Early adoption will likely save time on year end audits. • Effective for fiscal years beginning after December 15, 2015, and early adoption is permitted.
  • 9. Accounting Standards Update (ASU) 2015-07 • ASU 2015-07 - Entities that elect to measure the FV of an investment using the NAV (or its equivalent) per share • Previously reported as Level 2 or 3 • No longer required to be classified as level 1, 2, or 3 • Now presented as reconciling item in table
  • 10. Accounting Standards Update (ASU) 2015-12 • Plan Accounting • Three Parts • Part I Fully Benefit-Responsive Investment Contracts • Part II Plan Investment Disclosures • Part III Measurement Date Practical Expedient. • ASU simplifies or eliminate some of the financial statement reporting and disclosures that were previously required for employee benefit plans. • Effective for years beginning after December 15, 2015 • Early adoption permitted and encouraged
  • 11. Part I: Fully Benefit-Responsive Investment Contracts • Simplifies reporting with respect to fully benefit-responsive investment contracts and disclosures • NO adjustment from fair value to contract value on the face of the financial statements. • NOT included in the fair value table in the notes to the financial statements • No reconciliation of beginning and ending values for the plan year • NO disclosure of quantitative inputs to valuation • Does NOT apply to CCT’s and Stable Value Funds that invest in GIC’s (See ASU 2015-07)
  • 12. Part I: No FV to CV Adjustment Investments at contract value 7,377,000 $6,245,000 1,500,000 $1,400,000
  • 13. Part I: Not Included in the Fair Value Table in the Notes $7,377,000
  • 14. Part I: Quantitative Disclosures & Level 3 Reconciliation
  • 15. Part II: Plan Investment Disclosures • Investments in the hierarchy table are no longer segregated by nature, characteristics, and risk, but only by general type of investment (i.e. bonds, mutual funds, collective funds, etc.) • Self directed brokerage accounts are one general type
  • 16. Part II: Plan Investment Disclosures • Not required to disclose individual investments >=5% of net assets available for benefits • Net appreciation/depreciation only disclosed in aggregate, not by investment type • Investment strategy disclosures for investments measured at NAV (or its equivalent) using practical expedient in ASC 820 are not required if that investment is in a fund that files an annual report on Form 5500 as a direct-filing entity (DFE). • Investment listed on Schedule D of Form 5500 are DFE’s
  • 17. Part II: Plan Investment Disclosures
  • 18. Part III: Measurement Date Practical Expedient • Applies to plans with a fiscal year end that does not coincide with a month end. • Provides a practical expedient to permit plans to measure investments and investment-related accounts as of a month-end date that is closest to the plan’s fiscal-year.
  • 20. IRS Determination Letters • April 30, 2016 deadline for pre-approved retirement plan documents • What happens if a client did not adopt? • They make a VCP submission. Restore the tax-favored status of the plan by adopting a restated plan document and filing a VCP submission with the IRS. Samples on IRS website • New option allows financial institution or service provider to request a closing agreement on their behalf. • 403(b) IRS Determination Letters
  • 21. IRS Determination Letters • Effective January 1, 2017, the staggered five year cycle for individually designed plans will be eliminated. • From this date on, a sponsor of an individually designed plan will be permitted to submit a letter application for a plan on initial plan qualification and for qualification upon plan termination. • What does this mean for our clients? • The DOT and IRS that they are considering ways to make it easier for plan sponsors to comply with the qualified plan document requirements. Potential examples: • Providing model amendments • Not requiring certain plan provisions or amendments if not relevant to plan
  • 22. Form 5500 Changes for 2015 • In 2014, IRS announced proposed changes to the Form 5500 series to monitor plan compliance. • Plan compliance questions are found in Schedules H, I and R, and they are optional for the 2015 plan year. • IRS has released an FAQ document for changes • Congress has repealed change in law that would have given plans another month with the extension.
  • 23. DOL Conflict of Interest Rule • DOL says rules have not been meaningfully changed since 1975 • “The conflict of interest final rule and related exemptions will protect investors by requiring all who provide retirement investment advice to plans and IRAs to abide by a “fiduciary” standard – putting their clients’ best interest before their own profits.” • The final rule is effective in phases between April 10, 2017 and January 1, 2018.
  • 24. Missed Deferrals • IRS modified Employee Plans Compliance Resolution System which permits plan sponsors to correct failures and maintain qualified status easier • https://www.irs.gov/Retirement-Plans/New-Methods-for- Correcting-Elective-Deferral-Errors
  • 25. Corrective EE Contributions BEFORE • Plan sponsor was required to make a QNEC of 50% of the amount the affected participant would have deferred NOW • No corrective contributions are required if • Correct deferrals begin by the first payment of compensation made after the earlier of • Three months after the failure first began for the affected employee • The last day of the month after the month the affected eligible employee first notified the plan sponsor • 25% corrective contributions are required if • Period of failure exceeds 3 months but correct deferrals begin by the earlier of • The last day of the second plan year after the plan year in which the failure first occurred • The last day of the month after the month the affected employee notified the plan sponsor
  • 26. Corrective Contributions Under both situations the plan sponsor must also… • Issue a written notice to affected employees within 45 days after the date corrected deferrals begin • Make corrective contributions to make up for missed matching contributions plus earnings on all missed deferrals
  • 27. Selecting A Plan Auditor and Audit Pitfalls
  • 28. Selecting an Auditor • During December 2015 DOL sent letters to all plan administrators required to have audit • Indicated importance of hiring a qualified and experienced CPA firm • Urges administrators to use care in selecting and auditor • Consider: • Number of plans audited by CPA firm • Extent of CPA firm trainings • Status of CPA firm license • Whether the firm has been subject to DOL findings or referrals • Results of recent CPA firm peer review
  • 29. Selecting an Auditor • A quality audit will help a plan administrator carry out its legal responsibility to file a complete and accurate annual return/report for the plan each year. • DOL provides guidance and Q&A for selecting an auditor at http://www.dol.gov/ebsa/publications/selectinganauditor.html • AICPA provide guidance on selecting an auditor at: http://www.aicpa.org/InterestAreas/EmployeeBenefitPlanAuditQuality/ Resources/PlanSponsorResourceCenter/DownloadableDocuments/Plan_ Sponsor_Guidelines_preparing_RFP.pdf
  • 30. Selecting an Auditor McKonly & Asbury • Dedicated employee benefit plan team • Member of the AIPCA Employee Benefit Plan Audit Quality Center • 75+ employee benefit plan audits including defined contribution, defined benefit, health & welfare, ESOP and 403b plans • Practice continues to grow and has more than tripled in size in last 10 years • Entire team trained at least annually, several members attend local and national benefit plan conferences at least annually • Firm license is active • Has not been subjected to DOL findings or referrals • Received a “pass” on recent peer review
  • 31. DOL Audit Findings/Update • Audits becoming more deficient • Recent DOL audit study: • 4/10 audits fail to meet professional standards • 28 CPA’s sent to state boards • Potential $50k penalty for deficient audits • Emphasized focus on plan cyber security, expect additional requirements similar to healthcare data protection
  • 33. Produce Distributor Embezzling Money From Profit-Sharing Plan Case• IRS announced indictment charging the owner and trustee of the plan with embezzling 800k from the profit-sharing plan to the corporate accounts. • Was done in 3 separate transactions of $350k, 415k & 73K causing the plan worth almost 900k to essentially be depleted • Alleged that this money was used to purchase produce for the company and for the President’s personal expenses. • In order to cover up the embezzlement, plan statements were created that reflected the employees’ full account balances as if no money has been taken out of the Plan. • DOL Assistant Secretary stated: Let this indictment remind fiduciaries that we will not tolerate benefit plan assets being misused to subsidize a lifestyle. They must conduct themselves with undivided loyalty to safeguarding the retirement security of the plan’s participants, and we will vigorously pursue all legal remedies when our investigations uncover such betrayals of trust.
  • 34. Gruber Systems, Inc. Employee Stock Ownership Plan Case • DOL filed a complaint alleging the defendants caused the company’s employee stock ownership plan to purchase company stock for significantly more than fair market value, resulting in losses to participants. • DOL alleged the money was used to fund the financially distressed company instead to fund the retirement accounts of Gruber retirees. • The judgment ordered the company and CEO to return $1.1 million to the company’s ESOP for losses plus $220,000 in civil money penalties. • Defendants are permanently barred from serving as a fiduciary or service provider to an ERISA covered employee benefit plan. • Regional director, Crisanta Johnson, of EBSA is quoted as saying: “Employee Stock Ownership Plans are intended to promote employee ownership and fund employees’ retirements, not to bail out a plan sponsor experiencing financial distress.”
  • 35. Questions? Dan Sturm • Principal • CPA • Employee Benefits Plan Leader • dsturm@macpas.com Shalane Cohen • Senior Manager • CPA • scohen@macpas.com Danielle Guinter • Senior Manager • CPA • dguinter@macpas.com
  • 36.
  • 37.
  • 38. Questions? Dan Sturm • Principal • CPA • Employee Benefits Plan Leader • dsturm@macpas.com Shalane Cohen • Senior Manager • CPA • scohen@macpas.com Danielle Guinter • Senior Manager • CPA • dguinter@macpas.com
  • 39. Building Successful Employee Relationships A Cornerstone to Fraud Prevention and Risk Management