The HoganTaylor LLP Employee Benefit Plan (EBP) practice is excited to present the Summer 2016 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:
In recent months, the Department of Labor (DOL) has raised concerns about cybersecurity and employee benefit plans. Employee benefit plans may be vulnerable to cyber-attacks and thus exposed to risks relating to privacy, security, and fraud. Read More
The recent AICPA EBP Conference (held May 2016) covered a wide variety of topics related to employee benefit plans, including updates from the federal regulators, key upcoming accounting and auditing changes impacting EBPs, etc. Read More
An overview of recent changes to Form 5500. Read More
In April 2016, the DOL released the final ruling regarding the definition of who is a fiduciary and the fiduciary’s role with respect to providing investment advice. The new regulation (also referred to as the “conflict-of-interest” rule) is designed to close legal loopholes permitting retirement advisers to recommend investment products that are more profitable to the adviser and not necessarily in the best interests of their clients. Read More
It is important to note that the role of fiduciary extends to specific individuals within the plan sponsor organization. Identifying those individuals depends on job functions performed on behalf of the plan and is not based solely on a particular job title. Read More
Did You Know?
Under the Health Insurance Portability and Accountability Act (HIPAA) Privacy Rule, individually identifiable health information for deceased individuals is protected for 50 years after the individual’s death. For more details, see www.hhs.gov/hipaa/for-professionals/privacy/guidance/health-information-of-deceased-individuals/index.html
Considering a Defined Benefit Plan Termination?
We invite plan sponsors who are considering possible termination of their defined benefit (DB) plans to listen to a podcast of a recent webinar held jointly by BDO USA, LLP with Markley Actuarial Services Inc. and The Principal Financial Group. The Guide Your Plan to Termination podcast discusses current issues facing DB plans and potential options for sponsors and can be accessed at: www.bdo.com/events/defined-benefit-plan-webinar.