DOL Issues Employee Benefit Plan Guidance to Provide Pandemic Relief
Apr 30,2020
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) on Tuesday, April 28, 2020 issued deadline relief and other guidance for employee benefit plans. The EBSA Disaster Relief Notice 2020-01 outlines the changes for Employee Benefit Plans (EBP) due to the COVID-19 pandemic. The DOL recognizes that the pandemic may temporarily affect an organization’s ability to comply with various requirements and deadlines under the Employee Retirement Income Security Act (ERISA) and is giving organizations some relief. The effective date of this guidance is March 1st, when the COVID-19 National Emergency was declared, and will continue for 60 days after the emergency is declared over, unless the DOL announces a different date later.  As outlined by the notice, an employee benefit plan and those administrating it will not be in violation of ERISA Section 518 for failing to furnish notices, disclosures or documents during this time period if they acted...
Single Audits Developments due to COVID 19
Mar 21,2020
Single Audit Deadline The U.S. Office of Management and Budget (“OMB”) issued a memo on Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19).  The memo brought some misconceptions regarding the single audit submission deadline.  An extension has been provided; however, it was granted only to certain entities and does not apply to all recipients. The AICPA issued an alert from the Governmental Audit Quality Center, noting the following: “We discussed the memo with OMB staff to ensure an appropriate understanding and are providing you with a summary of that discussion to ensure the audit community is aware for purposes of discussions with your clients.” OMB confirmed the following: The memo is intended to provide guidance to federal agencies relating to areas where relief may be provided to certain recipients. The memo is not instructing federal agencies to provide a blanket waiver...
IRS Announces Increases in 2020 Retirement Plan Limits
Nov 06,2019
Each year, the IRS makes cost-of-living adjustments that change the limits placed on contributions to retirement plans. On November 6, 2019, the 2020 limitations for retirement plans and other retirement-related items were announced. Plan sponsors and employers must ensure that they are current on these limits, in order to be compliant and avoid penalties or corrections later. The charts below outline the most common retirement plan limits. There may be others that are also applicable. [table id=25 /] [table id=26 /]

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