More retirement-related regulatory news for plan sponsors, including links to detailed information.
New projects focusing on filing errors on Form 5500 Series and Form 5330
The Employee Plans Compliance Unit (EPCU) of the Internal Revenue Service (IRS) has listed new projects regarding filing errors in the Form 5500 Series and Form 5330. The EPCU develops compliance projects and performs data analysis to focus on areas of potential noncompliance. The projects involve contacting plan sponsors by letter to resolve recordkeeping, reporting, and other issues without an audit. EPCU indicates that most issues are resolved without an on-site examination of the books and records of the plan, saving time and money for both the taxpayer and the IRS. To date, the EPCU has completed close to 70 projects and conducted over 38,000 compliance checks.
For more information, click here.
Defined benefit plan assets increase 2.8% in 2016
The Federal Reserve has released its quarterly report “Financial Accounts of the United States.” The report shows that public and private defined benefit (DB) plan assets totaled $11.63 trillion at the end of 2015, up 2.83% from the end of 2014. Other highlights include:
• Corporate DB assets totaled $3.14 trillion as of December 31, up 1.29% from the end of 2014. Corporate defined contribution (DC) assets totaled $5.38 trillion, up 0.19% from the end of 2014.
• State and local government DB assets reached $5.16 trillion at the end of the year, up 3.82% from December 31, 2014.
• State and local government DC assets totaled $478 billion, down 2.05% from the end of 2014.
To download the report, click here.