Tag Archives: ERISA

GAAP and Statutory Reporting Issues Faced by Captive Insurance Companies

Captive insurance companies are often owned by a large sophisticated financial entity, because there are minimum net worth and other regulatory requirements. This results in “GAAP exception” financial reporting but is perfectly acceptable to the regulator.

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Agencies Seek to Improve and Modernize Employee Benefit Plan Reporting

Proposed changes to Form 5500 filing requirements are being made in an effort to standardize benefit plan reporting. Learn how it could affect your company.

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Understanding FASB ASC 820 – and Important Proposed Changes

FASB ASC 820 defines the notion of fair value, establishes a framework for measuring it and expands disclosures about fair value measurements. It’s an important standard for accounting professionals to understand from every angle; and proposed changes can also have big impacts if or when they eventually take effect.

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DOL Issues Significant Change in Retirement and IRA Accounts

On April 8, 2016, the Department of Labor issued a 208 page final regulation containing rules that investment advisors need to follow when they give investment advice to certain “clients”–plan sponsors, fiduciaries and participants in tax favored retirement plans, including Individual Retirement Accounts and 401(k) plans.

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Questions Every Benefit Plan Sponsor Should Know the Answers To

As “Fiduciary Responsibility” increasingly gains the public’s attention, plan sponsors must become more aware of their own responsibilities that are established by the Employee Retirement Income Security Act (ERISA). Here are some questions that plan sponsors need to consider as they re-evaluate the responsibilities their positions entail.

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Do I Really Need an Employee Benefit Plan Audit?

With few exceptions, the Employee Retirement Income Security Act (ERISA) requires any company with more than 100 eligible employees to complete and submit audited financial statements annually as part of its obligation to file an annual return (IRS Form 5500 Series).

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The Anatomy of an Acquisition: Due Diligence

It’s just as important to look forward at budgets and forecasts as it is to look back at past financial performance of a business. At the same time, accounting irregularities can cause surprises down the road. You don’t want to be in a position of needing to restate earnings because of mistakes made in the way the target is accounting for transactions. Revenue due diligence will help decrease the risk that revenue was characterized incorrectly.

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Can You Mitigate the Risk of Managing Your Company’s Retirement Plan?

If you are an individual responsible for the management and oversight of your company’s retirement plan you must follow certain rules for operating the plan, handling the plan’s money and overseeing the management of the funds.

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Employers providing health benefits to employees need formal documentation

Employers who provide their employees with health benefit programs (whether fully insured or self-insured) are subject to ERISA, the 1974 law which protects employee retirement and welfare (health) plan benefits from employer abuse.  Many employers are aware that ERISA requires that tax-qualified retirement programs, such as 401(k) plans, have formal plan documents and a formal […]

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