Archive for the ‘Caron & Bletzer News’ Category

Changes to the Accountant’s Opinion Section of the Form 5500, Schedule H:

There were updates to the Form 5500 Schedule H, for the 2020 plan year with the anticipation of the implementation of SAS 136, including updates to the Accountant’s opinion section. There has not been guidance issued related to how to complete this section for firms not early adopting SAS 136. However, during the 2021 AICPA […]

SAS 136 – Steps to Determine if an ERISA Section 103(a)(3)(c) Audit is Permissible

During the Summer of 2019, the AICPA issued a new standard that is effective for periods ending on or after December 15, 2021. Within this standard, are changes to audit requirements, engagement acceptance procedures,  and communications related to findings.  Management responsibilities are also more explicitly defined and include, but are not limited to maintaining plan […]

Accounting Pronouncement: ASU No. 2018-13

During 2018, FASB issued accounting standard update 2018-13 that is effective for plan years beginning after December 15, 2019, with early adoption permitted. This update relates to fair value measurement and its purpose is to help improve the footnote disclosures for the users of the financial statements. The changes prescribed in this update most likely […]

Importance of Plan Oversight

Being a plan sponsor comes with a responsibility to fulfill certain fiduciary responsibilities when administering their retirement plan(s). Although some of these may be outsourced through a 3(16), 3(21) or 3(38) relationship with a service provider, this does not fully free the plan sponsor from meeting their fiduciary responsibilities. When services are outsourced, the plan […]

New Partial Plan Termination Relief Provided by Congress

Many companies faced turbulent times during 2020 due to the unexpected impact on their businesses from COVID-19. As a result, many companies were forced to temporarily or permanently layoff or furlough employees during the year. Typically, plan sponsors would assess the facts and circumstances of significant turnover to determine if a partial plan termination has […]

How to Prepare for a Retirement Plan Audit

Whether your retirement plan has previously been audited or this is the first year your plan is requiring an audit, there are some helpful items your team can pull together prior to the plan audit: Were there any changes to the Plan or the Company during the year that should be communicated to your independent […]

Caron & Bletzer Community Initiatives

This year, the Caron & Bletzer team took to our community to help spread a bit of holiday cheer to local families. Our enthusiastic team collected food and monetary donations to contribute to the Kingston, NH food bank. In addition, we donated Market Basket gift cards to local families so they could enjoy a Thanksgiving […]

Things for Plan Sponsors to Consider as the Year Winds Down

During 2020, there have been immediate and upcoming changes for the retirement plan industry that have affected and will continue to affect the plan operations. In addition to these changes, there are routine matters that Plan Sponsors will need to address before year end. Below are some things to consider as the year winds down: […]

Considerations While Wrapping up the 2019 EBP Audit Filings:

As plan sponsors are wrapping up their employee benefit plan filings and finalizing plan audits with their independent auditors, there are some things that should be considered related to subsequent event disclosures: Did the plan sponsor encounter significant layoffs, terminations, etc. that may result in a partial plan termination? Has there been a change in […]

Delay in Effective Date of SAS 136

The AICPA has made the decision to delay the effective date of SAS 136 (Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA) to be effective for periods ending on or after December 15, 2021. However, early implementation of this standard is permitted. The new SAS results in changes […]