Employee Benefit Plan Updates

Disclosure Considerations
April 15, 2021

In the past year the federal government has passed various legislation that impact employee benefit plans such as the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) and the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act). These Acts provide plan administrators with opportunities to provide more flexibility to the plan participants during the ongoing COVID-19 pandemic and beyond. It is important to consult your third-party administrators regarding the requirements of these new laws. Any significant changes to your plan documents should be communicated to your auditors and consideration should be given to disclosures in the Plan’s financial statements regarding any changes that have been made during your Plan year and any changes subsequent to year end.

SAS No. 119 Exposure Draft – Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans
April 27, 2017

The American Institute of Certified Public Accountants issued an exposure draft with proposed changes on the statement on auditing standards regarding forming an opinion and reporting on financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974. One aspect of the proposal includes a requirement to report findings from procedures performed on specific plan provisions.  READ MORE >

Employee Benefit Plan Deadlines

For all calendar-year employee benefit plans, be sure to file by the following deadlines:
  • July 31 (calendar-year plans)
    • Form 5500 Annual Return/Report of Employee Benefit Plan
    • Form 5500-SF Short Form Annual Return/Report of Small Employee Benefit Plan
    • Form 5500-EZ Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan
    • Form 5558 Extension Application for Extension of Time to File Certain Employee Plan Returns
  • October 15 (calendar-year plans)
    • Forms\ 5500 series (if Form 5558 filed)