More retirement-related regulatory news for plan sponsors, including links to detailed information.
DOL proposed rule on electronic filing of notices for apprenticeship and training plan notices and “top hat” plan statements
The U.S. Department of Labor (DOL) has issued a proposed rule containing regulations that would revise filing procedures for apprenticeship and training plan notices and “top hat” plan statements with the Secretary of Labor to require electronic submission of these notices and statements.
The proposal would revise § 2520.104-22(c) and § 2520.104-23(c) to require Internet-based electronic filing of apprenticeship and training plan notices and top hat plan statements with the Secretary through the Employee Benefits Security Administration (EBSA) website. Once they are filed, these notices and statements would be posted on this DOL web page and be available to the public.
DOL’s Office of Inspector General issues report on limited-scope audits
The DOL’s Office of the Inspector General (OIG) has released a report, “Limited-Scope Audits Provide Inadequate Protections to Retirement Plan Participants.” The report, sent to the Assistant Secretary for EBSA, highlights changes EBSA needs to make to improve protections to plan participants for ERISA plans electing limited-scope audits for assets held and certified by trustee and custodians.
According to OIG, most plans are required by federal law to arrange for annual independent audits to ensure the integrity of retirement plan assets. However, certain plans are not required to receive a full-scope audit because of an exemption in the law, putting more than $1 trillion in complex trust arrangements and hard-to-value (HTV) assets at risk because limited-scope audits do not provide adequate assurance of assets’ existence or value.
To read the entire report, click here.
Summary of finances of selected state and local government employee retirement systems
The U.S. Census Bureau has published its quarterly survey of public pension plans. For the 100 largest public-employee pension systems in the country, cash and security holdings totaled $3,365.4 billion in the second quarter of 2014. Cash and security holdings had a quarter-to-quarter increase of 4.6%, from $3,218.2 billion last quarter, and a year-to-year increase of 14.3%, from $2,945.6 billion in the second quarter of 2013. Earnings on investments totaled $129.4 billion in the second quarter of 2014.
For more information, click here.
DOL issues private pension plan bulletin abstract of 2012 Form 5500
The DOL has issued two reports in regards to 2012 Form 5500.
IRS issues retirement newsletter for employers
This edition of Retirement News for Employers from the Internal Revenue Service (IRS) contains articles on: Starting a plan, operating a plan and correcting mistakes, and terminating plans.
To access the entire newsletter, click here.