Understanding Changing Rules and Regulations and Their Impact on EBP Audits
With the current difficult economic times and the changing rules and regulations from the Department of Labor (DOL), Internal Revenue Service (IRS) and other regulators, it is essential that companies understand the impact on their plans and their plans' audits. Highlighted in this newsletter are a few of the latest developments impacting your plans and their respective audits.

Fair Value Measurements
In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157) to provide enhanced guidance for using fair value to measure assets and liabilities. FAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007. This standard clarifies the definition of fair value and expands financial statement disclosures about the use of fair value measurements. Read more...

403(b) Plans
In November 2007, the DOL issued amendments to the Form 5500, Annual Return/Report of Employee Benefit Plan, for the 2009 plan year. One of the changes eliminated the exemption granted to Internal Revenue Code (IRC) Section 403(b) retirement plans of IRC Section 501(c)(3) organizations, from the Form 5500 reporting, disclosure and audit requirements of the Employee Retirement Income Security Act of 1974 (ERISA), as amended. The removal of this exemption subjects ERISA-covered 403(b) plans to the same Form 5500 reporting and audit requirements as Section 401(k)-type plans. Generally, 403(b) plans sponsored by tax-exempt organizations are subject to ERISA, whereas 403(b) plans sponsored by governments and most religious organizations are not covered under ERISA. Read more...

Guidance on ERISA's Fidelity Bonding Requirements
Have you ever wondered what the bonding requirements for your plan under ERISA are or the impact of the PPA on such requirements or if your company’s fiduciary liability insurance covers ERISA's bonding requirements (it may not)? Well, you are not alone. As a result of numerous questions raised concerning the bonding requirement, the DOL Employee Benefits Security Administration issued Field Assistance Bulletin No. 2008-04, Guidance Regarding ERISA Fidelity Bonding Requirements (the Bulletin), in November 2008. Read more...

2009 Cost of Living Adjustments for Qualified Retirement Plans
The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009. Read more...