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December 20, 2021

Information Security and Retirement Plans

Recently, a financial consultant sent us a very detailed questionnaire for a mutual client’s retirement plan audit. We were asked to describe our IT systems back up and disaster recovery procedures and how rapidly they can be activated. They wanted…

December 7, 2021

Missing Participants – Employee Benefits

A missing participant is a participant or beneficiary who is a former employee for whom the plan administrator does not have current or adequate information. Common signs of a missing participant include returned mail and/or email, no web account or…

November 8, 2021

What is SAS 136 and how does it affect your Retirement Plan Audit?

The American Institute of CPA’s Auditing Standards Board (AICPA) published Statement on Auditing Standards (SAS) No. 136 that will be effective for audits of ERISA plan financial statements for periods ending on or after December 15, 2021. This is a…

October 27, 2021

Employee Plans Compliance Resolution System

The IRS recently issued Revenue Procedure (REV.PROC.) 2021-30 with 2 new correction methods for overpayments to Defined Benefit Plan participants or Beneficiaries. The new Revenue Procedure updates Rev. Proc. 2019-19 to: Expand guidance on the recoupment of overpayments of Defined…

October 19, 2021

3rd Quarter 2021 Market Commentary

The S&P 500 declined by 4.7% in September to finish flat for the 3rd quarter. This was the index’s first sign of weakness since the sharp rally from the bottom in March 2020 as it has returned at least 6%…

October 12, 2021

Pandora Papers Painting Trusts with a Tainted Brush…

On Sunday, Oct 3rd the International Consortium of Investigative Journalists (“ICIJ”) released the “Pandora Papers.”  More than 600 journalists from around the world released confidential documents and dealings of political elites, government officials, celebrities, and the wealthy.  This group of…

August 25, 2021

5 by 5 Power Basics and Considerations

What is a 5 by 5 Power?  A 5 by 5 power, or right of withdrawal, is a power provided to a beneficiary to withdraw principal from the trust within a specified period.  This power must be specifically referenced in…

August 4, 2021

Change is Coming, Start Your Planning Today!

At the end of May, the Biden Administration released the government’s budget, along with the Treasury’s Green Book, which is the Administration’s proposed tax strategy to fund the budget.  The Green Book is not proposed legislation, so the legislation will…

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