Plan sponsors have a fiduciary responsibility to understand cybersecurity risk in an employee benefit plan (EBP). In order to satisfy this responsibility, plan sponsors must understand how EBPs are exposed to cybersecurity risk and design effective controls to mitigate that risk.
IRS releases inflation adjustments for 2023. Inflation adjustments impact individual tax brackets and other various provisions of the Code.
2021 was described as the worst year ever for the IRS. Several compounding problems, exacerbated by COVID-19, led to a historic backlog. Now, the agency is taking steps to improve service.
The IRS is piloting a pre-examination compliance program for retirement plans, which provides plan sponsors with 90-day window to review plan operations and make corrections prior to examination.
Although not a permanent solution, ARPA includes important relief for eligible multiemployer pension plans and provides plan sponsors with an opportunity to return to a state of solvency that may not have been possible otherwise.
Hacking and ransomware have the potential to create havoc for the assets and sensitive data housed in benefit plans across the country. As a result, in 2021, the DOL scaled up its interest in how administrators are addressing and responding to cybersecurity risks.
When an employer sponsors a retirement plan for its employees, it must carefully consider, and continually monitor, the plan provisions.
On June 30, 2021, the IRS retroactively extended the COVID-19 leave sharing program, which allows employers to donate employees’ unused PTO to charitable organizations. In exchange, employers can take charitable or business expense deductions.
Statement on Auditing Standards (SAS) No. 136 is quickly coming up on the employee benefit plan horizon. Plan sponsors should familiarize themselves with the changes so they can be fully compliant for periods after December 15, 2021.
The American Rescue Plan Act expanded Paycheck Protection Program (PPP) loan eligibility to certain labor unions and employee benefit plans.