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An Ounce of Prevention: The Case for Effective Internal Controls

May 25, 2016 There really is no understating the importance of implementing effective internal controls. With a solid system of controls in place, you can be reasonably sure that your employee benefit plan is achieving and maintaining compliance with. Read More >>

IRS Advises Plan Sponsors to “Skip” New Compliance Questions for 2015 Form 5500 Filings

Last week the IRS issued a statement that the new compliance questions issued in December 2015 on the Form 5500 series do not need to be completed for the 2015 plan filing year. The IRS originally introduced these questions. Read More >>

Does My Benefit Plan Really Need an Audit?

Understanding the 80-120 Participant Rule When it comes to determining the size of your employee benefit plan, nothing seems to cause more confusion among plan sponsors than the so-called “80-120 Participant Rule.” In general, Department of Labor (DOL) regulations. Read More >>

Investment Matters: Best Practices for Your Plan’s Investment Committee

In the absence of an officially designated — and properly structured — investment committee, your company’s executives and board of directors may find themselves assuming fiduciary responsibilities that they may not have been aware. However, by designating a committee. Read More >>

BMF’s Commitment to Quality Demonstrates Significant Value as DOL Releases EPB Audit Quality Report

Our long-standing commitment to audit quality is more important than ever in light of the U.S. Department of Labor’s (DOL’s) recently issued Audit Quality Study. BMF been a member of the AICPA’s Employee Benefit Plan Audit Quality Center since. Read More >>

Best Practices: Keeping Tabs on Service Providers

Selecting competent service providers and advisors is one of a plan sponsor’s most important responsibilities. But the responsibility doesn’t end there — the Department of Labor specifically tasks fiduciaries with periodically monitoring the activities of each service organization to. Read More >>

New Rules for Multi-Employer Pension Plans

Among the many tax extender provisions in the newly signed Tax Increase Prevention Act of 2014 (the “Act”) was a provision that could potentially affect multi-employer defined benefit pension plans, such as union plans or groups of companies sharing. Read More >>

Now is the Time to Consider Amending Qualified Plans for Same-Sex Marriages

The Internal Revenue Service (IRS or Service) recently issued guidance on how qualified retirement plans must treat the marriages of same-sex couples. The notice provides an effective date and retroactive effect for implementing the Windsor decision as well as. Read More >>

IRS Final Regulations on Suspending Safe Harbor Contributions During the Plan Year

The Internal Revenue Service (IRS) recently published final regulations regarding the reduction or suspension of safe harbor contributions to 401(k) and 403(b) plans under the Internal Revenue Code (Code). These regulations revise and supersede the proposed regulations that were. Read More >>