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Employee Benefit Plan Newsletter – Summer 2015

The HoganTaylor LLP Employee Benefit Plan (EBP) practice is excited to present the Summer 2015 edition of our eNewsletter. Our newsletter is designed to help you keep up with the latest EBP issues.

We’ve designed the newsletter to be read in quick chunks–knowing that leisurely reading time is a luxury for most of you. We’ll also always have the content on our site so that you can refer to it later.

As always, please do not hesitate to contact a member of the HoganTaylor EBP practice with any questions you may have regarding these subjects. Additionally, we welcome any thoughts or ideas you may have for future newsletter topics.

In This Issue:

“The Buck Stops Here” – IRS Reiterates Plan Sponsor Responsibility for Documentation of Hardship Distributions and Participant Loans

Loans to participants and distributions due to participant hardship are transactions commonly delegated by employee benefit plan management to third-party service providers. As service providers have increasingly streamlined their administrative processes in the increasingly paperless plan environment, the amount of documentation required by service providers supporting these transactions has been reduced, in some instances, to merely electronic certification (“e-certify”). Read More

Noteworthy Changes for 2014 ERISA Annual Reports

As plan sponsors gear up to prepare the Annual Return/Report of Employee Benefit Plan, Form 5500, for retirement and welfare benefit plans with a December 31, 2014 year end1, there are some significant changes to keep in mind. Read More

Legislative Action to Defund the DOL “Conflict-of-Interest” Fiduciary Rule

The Department of Labor’s proposed fiduciary rule is still under review (with a public hearing expected in mid-August), but its ability to affect change should it be enacted has been threatened by recent riders attached to U.S. Senate and House of Representative appropriations bills. Read More

IRS Revisions for Plan Corrections under EPCRS

In two separate pronouncements, the IRS recently issued revisions to the EPCRS, as set forth in Revenue Procedure 2013-12, in an effort to make the permitted methods for correcting errors in the administration of tax-qualified retirement plans more taxpayer-friendly. Read More

Evaluating Sponsor Fiduciary Responsibilities

“Fiduciary Responsibility” has been getting a lot of attention in the press, which emphasizes the need for plan sponsors to periodically re-evaluate their responsibilities, as set forth by the Employee Retirement Income Security Act (ERISA). Read More

Reductions in IRS Determination Letter Program

In late July, the IRS announced significant modifications to its determination letter program for employee benefit plans. Read More

May 2015 AICPA Employee Benefit Plans Conference

Returning keynote speaker Phyllis Borzi (Assistant Secretary of Labor, U.S. Department of Labor Employee Benefit Security Administration (EBSA)) addressed the DOL’s recently released report assessing the quality of employee benefit plan audits by CPA firms of all sizes. Read More