As we continue to weather the COVID-19 crisis, there’s hardly a single facet of American life left unchanged. The inner workings of employee benefit plans are no exception. Employers, plan sponsors, and plan administrators share the responsibility for understanding and either implementing and making plan amendments or opting out of certain plan provisions, as appropriate.
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Employee benefit plan audits subject to ERISA are in for some changes ahead. In July 2019, the American Institute of Certified Public Accountants’ (AICPA) Accounting Standards Board (ASB) issued a final standard for SAS 136: Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA and SAS 137: The Auditor’s
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Employee Stock Ownership Plans (ESOPs) have been on the rise since the Employee Retirement Income Security Act of 1974 (ERISA) set the foundation for the qualified retirement plan concept we encounter today. According to the National Center for Employee Ownership’s (NCEO) 2016 data, plan assets nationwide have reached $1.5 trillion, with 6,500 companies sponsoring ESOPs.
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