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Tag: Craig Erickson

What You Should Know About ERISA Plan Audit Changes

By Craig Erickson, Partner-in-Charge, Employee Benefit Plan Group In July 2019, the American Institute of Certified Public Accountants (AICPA) issued a new Statement on Auditing Standards (SAS 136) designed to regulate and improve the audit quality for plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). The new standards were originally intended to apply to audits of financial statements for periods ending on or after December 15, 2020, but the...

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Retirement Plan Limits Announced for 2021

The Internal Revenue Service (“IRS”) announced on October 26, 2020, the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2021.  These adjustments can be found in greater detail in IRS Notice 2020-79. The COVID-19 pandemic’s continuing impact on the U.S. economy contributed to relatively flat changes in the 2021 COLA amounts as U.S. economic deflation during the first half of 2020 impacted the COLA metrics. The IRS increased the IRS annual compensation...

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Confusion as Stimulus Payments Arrive On Prepaid Debit Cards

By Craig R. Erickson, CPA, Partner, Wiss With cybersecurity breaches, identity theft and other cyber-crimes on the rise during this pandemic, the amount of skepticism shown in the exchange above is warranted and refreshing.   But have no fear: That prepaid debit card you have received is in fact an Economic Impact Payment Card (EIPCard), which contains your federal relief payment provided for by the Coronavirus Aid Relief and Economic Security Act (CARES Act). Over the past few days,...

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401(k) Plans and the Coronavirus

By Craig Erickson With the global pandemic caused by COVID-19 causing vast uncertainties in the economy, employers that sponsor employee benefit plans and the plan fiduciaries must continue to manage and administer their benefit plans, as well as address inquiries from their participants.  The following are some topics that may be helpful during these times. Hardship Withdrawals Plan sponsors may receive calls from plan participants in the near future asking for ways they can financially...

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Coronavirus Retirement Plan Review

By Craig Erickson With the continual uncertainty we are facing each day, it is important to keep in mind that changes in legislation may impact your current design of your employee benefit plan.  Following are some topics Plan sponsors and fiduciaries of employee benefit plans may overlook. 401(k) and Profit-Sharing Plans: Employer Contributions – Plan sponsors and fiduciaries may want to consider reducing or halting employer contributions.  For non-safe harbor plans (match or non-elective...

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