Employee Benefit Plans Conference 2020

Nov 9, 2020 ‐ Nov 11, 2020

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Welcome Remarks & A&A and Tax Update

Preview Available

Welcome Remarks & A&A and Tax Update

Nov 9, 2020 11:00am ‐ Nov 9, 2020 12:00pm

Identification: EBP2001

Operation Credit Type: Auditing, Taxes

Operation Level: Overview

Operation Advanced Prep: None

Operation Prerequisites: 1-2 Years in the Profession

Operation Minutes: 50

Operation Credits: 1

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

This session will provide an update of various accounting, auditing, and reporting matters affecting employee benefit plans. Our speakers will share their perspectives and experiences.

• Recall accounting and auditing issues that affected this year's audits of employee benefit plans.
• Recognize accounting and auditing considerations for upcoming audit season.
• Identify changes in tax regulations that affect EBPs now, and going forward.

• Josie L. Hammond, CPA, National Director of Employee Benefit Plan Services, RSM US LLP
• Jeffrey A. Martin, CPA, Partner, Grant Thornton LLP

SECURE and CARES Act Revisited

Preview Available

SECURE and CARES Act Revisited

Nov 9, 2020 1:30pm ‐ Nov 9, 2020 2:45pm

Identification: EBP2003

Operation Prerequisites: 1-2 Years in the Profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Taxes

Operation Level: Overview

Operation Advanced Prep: None

Are you ready? After 13 years without significant pension legislation, the SECURE Act was enacted at the end of 2019, and in March of 2020 followed by the CARES Act. We will frame the major changes and recent guidance issued and their impact on compliance, plan design and operation. Topics include: recent guidance for CARES Act distributions; what is new with key SECURE Act topics including multiple employer plans, inherited IRAs, long-term part time employees, life time income disclosure, 403(b) plan impact and other key areas. Get ready to GO!

• Analyze the various loan repayment strategies that recordkeepers are using for the CARES ACT, including amortization.
• Compare and contrast closed MEPs and the new open PEPs.
• Examine the planning implications are for long-term part time employees participation.
• Identify Plan amendments, timing – the 2020ing of plan document compliance!

• Lisa Germano, President and General Counsel, Actuarial Benefits & Design Company
• Cindy J. Dwyer, CPA, Director, CBIZ MHM LLC
• Avery E. Neumark, CPA, JD, LL.M., Partner, Marks Paneth LLP

Basics of SOC 1 Reports for Use in EBP Audits

Preview Available

Basics of SOC 1 Reports for Use in EBP Audits

Nov 9, 2020 3:00pm ‐ Nov 9, 2020 4:15pm

Identification: EBP2004

Operation Prerequisites: 1-2 Years in the Profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Auditing

Operation Level: Basic

Operation Advanced Prep: None

This course provides auditors with the basic knowledge necessary to effectively read and understand the components of a SOC 1 report. Topics addressed include: identifying common SOC 1 reports used in EBP engagements, professional standards auditors must satisfy when incorporating the use of SOC 1 reports into EBP audits and tips on recognizing issues commonly encountered.

*Attendees should consider attending the Advanced SOC 1 Matters for more advanced discussion on issues related to SOC 1's and how to address them.

• Identify differences between Type 1 and 2 SOC 1 reports and how they impact EBP engagements
• Recognize the basic elements of the SOC 1 report
• Distinguish how SOC 1 reports impact risk assessment and planned nature, timing and extent of substantive audit procedures
• Recognize common issues auditors deal with in evaluating SOC 1 reports

• Theresa K. Banka, CPA, Partner, Plante & Moran, PLLC
• Darlene Bayardo, CPA, Director, BDO

Advanced Investments

Preview Available

Advanced Investments

Nov 9, 2020 3:00pm ‐ Nov 9, 2020 4:15pm

Identification: EBP2007

Operation Prerequisites: 6-10+ years in the profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Accounting

Operation Level: Advanced

Operation Advanced Prep: None

Does the plan hold complex investments? Whether a full scope audit or an ERISA 103 (a)(3)(c) audit is performed, the steps to ensure complex investments are properly valued and presented within the financial statements in accordance with appropriate accounting principles remain the same. This session is designed to assist plan administrators and plan auditors in fulfilling that responsibility.

• Define the unique characteristics and valuation methods for a variety of investments including common trusts, collective trusts, group trusts, hedge funds, limited partnerships, and certain derivatives as well as learn how to identify complex investments in the custodial reports.
• Identify how FASB’s guidance related to NAV as Practical Expedient can be incorporated when assessing whether the values in the custody reports for commingled and pooled investments are reflective of fair value.
• Review example disclosures to comply with tabular and narrative footnote requirements.

• Jennifer Allen, CPA, Partner, Crowe LLP
• Peggy A. Bradley, BA, Senior Vice President | Client Business Solutions, Northern Trust

Eligibility Rules; Ready Set Go

Preview Available

Eligibility Rules; Ready Set Go

Nov 9, 2020 4:45pm ‐ Nov 9, 2020 6:00pm

Identification: EBP2008

Operation Credit Type: Taxes

Operation Level: Basic

Operation Prerequisites: 1-2 Years in the Profession

Operation Advanced Prep: None

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

This session will focus on the general participation and eligibility rules including

• Measuring Years of Service
• Using elapsed time and how it’s different from counting actual hours
• Maximum eligibility rules
• Permitted safe harbor exclusions
• Exclusions that affect coverage rules
• Leased employees
• Applying the break in service rules
• Duel Eligibility features (impact on Top Heavy plans)

This session is a beginner session and for those who have a working knowledge and want a refresher.

• Identify various provisions for eligibility and participation for retirement plans
• Recall eligibility requirements for a plan to qualify for favorable tax status
• Identify common errors for newly eligible employees, and the exclusion of eligible employees or inclusion of ineligible employees

• Mark D. Swedelson, CPA, QPA, Vice-President, Goldberg, Swedelson & Associates Inc.
• Amisha Patel, CPA, Audit Principal, Johnson Lambert LLP

Don't Take A Gamble When Dealing with Major Plan Changes (Mergers, Spinoffs, Terminations)

Preview Available

Don't Take A Gamble When Dealing with Major Plan Changes (Mergers, Spinoffs, Terminations)

Nov 9, 2020 4:45pm ‐ Nov 9, 2020 6:00pm

Identification: EBP2009

Operation Prerequisites: 3-5 Years in the Profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Auditing

Operation Level: Intermediate

Operation Advanced Prep: None

Differentiate and understand the GAAP treatment, impact to financial reporting and related nuances for:
Mergers
Terminations
Trustee and recordkeeper changes and
Spinoffs

• Identify the GAAP and tax treatment for mergers, terminations and spinoffs
• Define the impact to financial reporting for mergers, terminations and spinoffs
• Identify audit procedures relating to mergers, terminations and spinoffs
• Recall considerations for changes in trustees and recordkeepers

• Michelle H. Buckley, CPA, AIFA, Partner, Meaden & Moore, Ltd.
• Kathleen McLaughlin, Partner - National EBP Practice Leader, Grant Thornton

Part I: Risk Assessment Standards & COVID19

Preview Available

Part I: Risk Assessment Standards & COVID19

Nov 9, 2020 4:45pm ‐ Nov 9, 2020 6:00pm

Identification: EBP2010

Operation Prerequisites: 3-5 Years in the Profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Auditing

Operation Level: Intermediate

Operation Advanced Prep: None

This session will address how COVID-19 is impacting EBP audit risk assessments. Participants will learn about areas of heightened risk and common misconceptions detected through peer review while walking through practical examples illustrating how to apply the risk assessment standards in an EBP audit.

• Deborah Smith, CPA, Partner, Grant Thornton LLP
• Carl R. Mayes, CPA, Associate Director - CPA Quality and Evolution, AICPA
• David Duckwitz, Director of Quality Control, RubinBrown LLP

The Changing Landscape of Account-Based Health Plans

Preview Available

The Changing Landscape of Account-Based Health Plans

Nov 9, 2020 4:45pm ‐ Nov 9, 2020 6:00pm

Identification: EBP2011

Operation Prerequisites: 3-5 Years in the Profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Taxes

Operation Level: Intermediate

Operation Advanced Prep: None

This session will cover changes to health reimbursement arrangements (HRAs) and health savings accounts (HSAs) that may lay the groundwork for an emerging shift from defined benefit to defined contribution in the health care space.  Specifically, we will discuss the new IRS, DOL, and HHS rules governing HRAs, effective for 2020 plan years, that allow these arrangements to be used more broadly and flexibly by employers.  We will identify compliance concerns expected to arise as these new arrangements are implemented.  We will also discuss changes to permissible high-deductible health plans associated with HSAs to understand how these arrangements are permitted to cover additional medical items without cost-sharing, and we will compare FSAs with other account-based arrangements.  Finally, we will consider what the future is for these account-based arrangements.

• Identify when and how HRAs may be offered to employees
• Recognize what medical items may be offered without cost-sharing in a high-deductible health plan

• Christa H. Bierma, Principal, Ernst & Young LLP
• Katy Johnson, Senior Counsel, Health Policy, American Benefits Council

Defined Benefit Plans - Auditing Census Data and Actuarial Assumptions/Reports

Preview Available

Defined Benefit Plans - Auditing Census Data and Actuarial Assumptions/Reports

Nov 10, 2020 1:15pm ‐ Nov 10, 2020 2:30pm

Identification: EBP2014

Operation Prerequisites: 3-5 Years in the Profession

Operation Minutes: 75

Operation Credits: 1.5

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Credit Type: Auditing

Operation Level: Intermediate

Operation Advanced Prep: None

This session will address the auditor’s responsibilities when working with actuaries’ reports and actuarially determined obligations that comprise a component of the financial statements of a defined benefit plan. We will cover how an auditor might test the key actuarial inputs used in an actuarial valuation as well as testing of the underlying census data that was provided to the actuary. The session will also review other common audit tests that may be utilized when working with actuarial reports.

• Apply common approaches to testing assumptions by actuaries in the calculations of benefit obligations.
• Employ common approaches to testing census provided to actuaries for their use in calculating benefit obligations, including a consideration of how data analytics may assist in this process.

• Chip Harris, CPA, Partner, RubinBrown LLP
• Kimber L. Smail-Benedict, CPA, Partner, Plante Moran,PLLC

The Aftermath of CARES Act and Continuing the COVID-19 Chronicles

Preview Available

The Aftermath of CARES Act and Continuing the COVID-19 Chronicles

Nov 10, 2020 1:15pm ‐ Nov 10, 2020 2:30pm

Identification: EBP2015

Operation Alertness Issued: 6

Operation Alertness Required: 4

Operation Sale: 1

Operation Archive: 1

Operation Minutes: 75

Operation Credits: 1.5

Operation Advanced Prep: None

Operation Level: Overview

Operation Credit Type: Auditing

Operation Prerequisites: 1-2 Years in the Profession

This session will be a panel discussion covering challenges and the related audit considerations of COVID and the CARES Act facing plan sponsors, service providers and auditors.

• Define challenges service providers faced implementing the provisions of the CARES Act
• Identify potential audit risks as a result of the challenges and the impact COVID and the CARES Act
• Recall what has been learned and what to expect for the 2020 year end audits as a result of the aftermath of the CARES Act and COVID

• Gwendolyn Stoute, CPA, Assurance Partner, HoganTaylor LLP
• Michael F. Kraemer, CPA, Fidelity
• Kizzy Gaul, Esq., Manager, Regulatory Supervision, Prudential Retirement