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Tag: ERISA

ERISA Update and Outlook for 2022

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA  Employers have spent the last two years dealing with many challenges and disruptions, and they are now looking to move forward in 2022 against a backdrop of economic and pandemic-related uncertainty and market volatility. Here are four themes that plan sponsors should be keeping a close eye on in 2022.   The #1 Financial Story of the Year: Inflation You can’t go anywhere without hearing about inflation—and for a good reason. The...

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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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How to Reduce Risk Using Fidelity Bonds and Fiduciary Liability Coverage

By Craig Erickson Managing an organization’s employee benefit and retirement plan comes with risks, and potential missteps can affect both the plan administrator and participants. To protect you from those risks, insurance companies offer fiduciary bond — often called fidelity bond — and fiduciary liability coverage. And while the two terms sound similar, there are distinct differences. Assets and administrators at risk The plan administrator can act, or fail to act, in ways that...

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