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Tag: Employee Benefit Plans

Abandoned 401(K) Accounts and the Great Resignation

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA  The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at 10.6 million, as companies across sectors and industries continue to have a hard time recruiting...

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SAS 136: What Plan Sponsors Need to Know About Upcoming Changes to ERISA Plan Audits

By Laura K. Zindel, CPA and Cindy Sandomenico, CPA Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), and was originally effective...

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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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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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