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The session will provide an update on new and pending legislation affecting retirement plan, including recent pension funding changes and SECURE 2.0. It will also cover regulatory initiatives affecting retirement plan investing, proxy voting, and investment advice
The session will provide participants with an overview of the recently issued accounting and auditing standards, with a focus on SAS 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The course will also discuss the new multi-employer chapter in the EBP guide and ASC 606 applicability to EBPs.
Update from EBSA's Acting Assistant Secretary on issues including: Electronic communications, guidance on missing participants, increased focus on security risks as EBPs are increasingly attractive targets for cyber crime. The rise of State auto-IRAs. Other agenda items they are focusing on currently or are on the horizon. Cyber security guidance. DOL guidance includes tips for hiring a service provider, cybersecurity program best practices, and online security tips.
EBSA's Chief Accountant will discuss plan audit related matters. What are their priorities this year; 5500 changes etc. what is on the horizon, new audit quality study.
Question and Answer session related to SAS 136 implementation.
SAS 136 means that we will need to change our auditors' report. This is also a great opportunity to revisit financial statements and ensure that they are up to date with fair value standards and other relevant standards that impact reporting. We will drill down into key areas that are critical to have in reporting and discuss some of the main challenges within those areas.
Party in interest/related party, fv disclosures, FBRICs, tax status-as examples
Update on the new PEPs (Secure Act) - consideration of Form 5500 filings, Audit requirements, etc.
PEP plans and foreseeable audit issues - how to handle; what guidance is available, any tools etc.
Thomas Shola, AVP IT Cyber Security Officer with John Hancock Retirement, is responsible for the development, execution and oversight of all GWAM’s (Global Wealth Asset Management) IT risk management and information security activities, with an emphasis on cyber security and continuous improvement of the technical aspects of risk management and security. Thom will provide an overview of the current challenges, industry trends, and best practices for plan sponsors and retirement professionals to follow regarding protecting plan assets, data, and retirement participant’s accounts.
This is an opportunity for participants to have questions answered by various experts.