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Agencies Seek Input on Form 5500 Revisions

Agencies Seek Input on Form 5500 Revisions

Federal agencies are seeking public comments on proposed revisions to the Form 5500 Annual Return/Report filed by private-sector employee benefit plans to comply with statutory changes under the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which became law in 2019.”The proposed form changes and related regulatory amendments address [SECURE] Act changes, especially for multiple employer plans, and improve [Form 5500 as a] critical enforcement, research and public disclosure tool,” said Ali Khawar, Department of Labor (DOL) acting assistant secretary for employee benefits security.On Sept. 15, the DOL’s Employee Benefits Security Administration (EBSA), the IRS and the Pension Benefit Guaranty Corporation (PBGC) published two proposed rules in the Federal Register: Annual Reporting and Disclosure, to conform Form 5500 reporting regulations under the Employee Retirement Income Security Act (ERISA) with the proposed Form 5500 revisions.The agencies also released a fact sheet summarizing the proposed changes.SECURE Act ChangesWhile employers in the same industry had previously been allowed to form multiple employer plans, known as MEPs, the SECURE Act permits unaffiliated employers, as of January 2021, to join together in a single 401(k) pooled employer plan (PEP).”A PEP has a single plan document, a single Form 5500 filing and a single independent plan audit,” noted Craig P. Hoffman, an attorney with San Francisco-based Trucker Huss, when the SECURE Act became law. A pooled plan provider, whether a financial services firm, insurance company, third-party administrator or similar entity, “must serve as the ERISA section 3(16) plan administrator, as well as the named fiduciary for the plan,” he explained.Defined Contribution Group PlansThe SECURE Act also established another new type of plan arrangement, often referred to as a group of plans (GoP) but which the proposed rules now call a defined contribution group (DCG).A DCG allows employers, whether unrelated or related, to file a single Form 5500 for multiple defined contribution plans if the plans have the same trustee, administrator, fiduciaries, investments and plan year. However, unlike PEPs, plans in a DCG remain distinct entities. While they can file a single consolidated Form 5500, individual plans participating in a DCG arrangement with a consolidated Form 5500 filing remain subject to audit requirements, the proposed revisions clarify.After considering multiple issues, “the departments decided to propose that a large plan that elects to participate in a DCG must continue to be subject to an IQPA [independent qualified plan accountant] audit and that the audit report for the plan would have to be filed with the consolidated Form 5500 of the DCG reporting arrangement,” the Proposed Revision of Annual Information Return/Reports states.Pete Swisher, president of Waypoint Fiduciary, a consultancy in Versailles, Ky., focused on group retirement plans, wrote that “as part of the package of guidance, the Departments addressed the audit requirement in GoPs by killing the hopes of those who expected a GoP to have a single consolidated audit like that of multiple employer plans.”MEWAs Also AffectedAs an ancillary matter, some of the proposed Form 5500 revisions would apply to multiple employer welfare arrangements (MEWAs) that offer …

College Graduates Starting Salaries Class Of 2020 Up Despite The Pandemic

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College Graduates Starting Salaries Class Of 2020 Up Despite The Pandemic

BETHLEHEM, PA — College graduate starting salaries for the Class of 2020 college graduates rose 2.5 percent to $55,260 compared with the Class of 2019, despite the pandemic, according to a new report from the National Association of Colleges and Employers (NACE). NACE’s Summer 2021 Salary Survey shows a gain of 8.5% percent from the […]

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CEO Pay Soars Nearly 19% In 2020

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CEO Pay Soars Nearly 19% In 2020

CEO pay 351 times more than the typical worker CEO compensation soars while millions were jobless due to the pandemic-driven recession in 2020. CEO compensation at the top 350 U.S. firms grew 18.9% to $24.2 million on average, according to a new EPI analysis. Meanwhile, typical worker compensation rose 3.9% in 2020. But this wage growth is overstated: high job loss among low-wage workers skewed the average wage higher. […]

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Minimum Wage Lost 21% Of Its Value Since Congress Last Raised It In 2009

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Minimum Wage Lost 21% Of Its Value Since Congress Last Raised It In 2009

By Ben Zipperer, Working Economics Blog, Economic Policy Institute After the longest period in history without an increase, the federal minimum wage today is worth 21% less than 12 years ago — and 34% less than in 1968. Saturday marked 12 years since the last federal minimum wage increase on July 24, 2009, the longest […]

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If the Minimum Wage Grew As Much As A Wall Street Bonus Since 1985, It Would Be $44 Today

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If the Minimum Wage Grew As Much As A Wall Street Bonus Since 1985, It Would Be $44 Today

The 2020 bonus pool for 182,100 securities industry employees could pay for more than 1 million jobs at a $15 minimum wage for a year. March 29, 2021By Sarah Anderson Originally in Inequality.org While low-wage workers are still waiting for a raise in the minimum wage, Wall Street employees enjoyed a 10 percent bump in […]

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How Much American Make In Wages

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How Much American Make In Wages
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Oklahoma’s Top Court: Companies Can’t Set Own Rules For Injured Workers

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Oklahoma’s Top Court: Companies Can’t Set Own Rules For Injured Workers

By Michael Grabell ProPublica, Sept. 13, 2016 — A national campaign to rewrite state laws and allow businesses to decide how to care for their injured workers suffered a significant setback Sept. 13, 2016, when the Oklahoma Supreme Court ruled that Oklahoma’s version of the law is unconstitutional. The 2013 legislation gave Oklahoma employers the ability […]

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Making Financial Decisions When You Lose Your Job

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Making Financial Decisions When You Lose Your Job

By TARA SIEGEL BERNARD — About 1.7 million people lose their jobs every month, creating a hugely stressful situation and requiring potentially life-altering choices. Beyond the emotional toll, many individuals agonize over potentially life-altering financial decisions, including how best to manage any money they may be going out the door with. Source: The New York Times – The […]

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Walmart Workers – With Raises For Some More Hours Is Next Goal

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Walmart Workers – With Raises For Some More Hours Is Next Goal

By HIROKO TABUCHI — Even with the wage increases the chain recently announced, Walmart workers often do not get enough hours to make ends meet, leaving them in a precarious financial state. Read more about Walmart workers at the source: The New York Times – The New American Job Newsfeed What raises mean for Walmart Workers – From […]

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Expatriate Workers – The 50 Most Expensive Cities Worldwide

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Expatriate Workers – The 50 Most Expensive Cities Worldwide

Caracas, Venezuela, is simultaneously the world’s most expensive and the cheapest city for expatriate workers – depending on the exchange rate you use, according to the latest Cost of Living survey by ECA International. ECA International is a leading provider of knowledge, information and technology for the management and assignment of employees around the world. […]

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