PLANADVISER - September/October 2022 - 6
Legislative and Judicial Actions
compliance news //
Guidance on Audit
Independence Rules
The Department of Labor has issued
new guidance for retirement plan fiduciaries.
Interpretive Bulletin 2022-01
addresses rules about auditor independence
that apply to retirement plans
governed by the Employee Retirement
Income Security Act. As in its original,
1975, guidance, the DOL states that
ERISA plans need to retain an " independent
qualified public accountant, "
on behalf of participants, to annually
examine the plan's
financial statements
in accordance with generally
accepted auditing standards and to
opine as to the statements' and attendant
schedules' accuracy and adherence
to accounting standards.
The new bulletin says the DOL has
periodically been asked to clarify and
update the auditor guidelines in order
to adjust to changes in the accounting
industry and address differences that
have developed as other regulatory
authorities change their auditor independence
requirements.
Among the main revisions, an
accountant or firm is now not disqualified
from accepting a new audit
engagement if that party or any related
party-including, for example, shareholder
employees or immediate family
members-holds publicly traded securities
of a plan sponsor during the
period covered by the financial statements
as long as all parties dispose
of any holdings before the accountant
signs initial paperwork or the actual
work begins, whichever is first.
The DOL says this exception gives
accountants a divestiture window,
which opens when they and the new
client reach an oral agreement or
understanding that the accountants
will perform the plan audit.
Other updates include a new definition
of " office " for the purpose of determining
who is a " member " of a given
accounting firm and when an individual
may be deemed to be " located in
an office " of the firm participating in a
significant portion of the audit.
The IRS Extends Some Plan
Amendment Deadlines
The IRS has issued Notice 2022-45,
extending the deadlines for amending
eligible retirement plans, including
individual retirement accounts and
annuity contracts, to reflect certain
provisions of the Coronavirus Aid,
Relief and Economic Security Act or
6 | planadviser.com September-October 2022
Art by Klaas Verplancke
http://www.planadviser.com
PLANADVISER - September/October 2022
Table of Contents for the Digital Edition of PLANADVISER - September/October 2022
The Possibilities Ahead
The Full Potential
2022 PLANADVISER National Conference
NQDC Investment Menus
Reg BI’s Impact on 403(b)s
PEPs’ Slow Growth
Scaling for the Future
Rollover Rules for 457(b) Plans
Jorge Bernal
PLANADVISER - September/October 2022 - Cover1
PLANADVISER - September/October 2022 - Cover2
PLANADVISER - September/October 2022 - 1
PLANADVISER - September/October 2022 - 2
PLANADVISER - September/October 2022 - 3
PLANADVISER - September/October 2022 - 4
PLANADVISER - September/October 2022 - 5
PLANADVISER - September/October 2022 - 6
PLANADVISER - September/October 2022 - 7
PLANADVISER - September/October 2022 - 8
PLANADVISER - September/October 2022 - 9
PLANADVISER - September/October 2022 - 10
PLANADVISER - September/October 2022 - 11
PLANADVISER - September/October 2022 - 12
PLANADVISER - September/October 2022 - 13
PLANADVISER - September/October 2022 - 14
PLANADVISER - September/October 2022 - 15
PLANADVISER - September/October 2022 - The Possibilities Ahead
PLANADVISER - September/October 2022 - 17
PLANADVISER - September/October 2022 - 18
PLANADVISER - September/October 2022 - 19
PLANADVISER - September/October 2022 - 20
PLANADVISER - September/October 2022 - 21
PLANADVISER - September/October 2022 - The Full Potential
PLANADVISER - September/October 2022 - 23
PLANADVISER - September/October 2022 - 24
PLANADVISER - September/October 2022 - 25
PLANADVISER - September/October 2022 - 2022 PLANADVISER National Conference
PLANADVISER - September/October 2022 - 27
PLANADVISER - September/October 2022 - 28
PLANADVISER - September/October 2022 - 29
PLANADVISER - September/October 2022 - NQDC Investment Menus
PLANADVISER - September/October 2022 - 31
PLANADVISER - September/October 2022 - Reg BI’s Impact on 403(b)s
PLANADVISER - September/October 2022 - 33
PLANADVISER - September/October 2022 - PEPs’ Slow Growth
PLANADVISER - September/October 2022 - 35
PLANADVISER - September/October 2022 - Scaling for the Future
PLANADVISER - September/October 2022 - 37
PLANADVISER - September/October 2022 - 38
PLANADVISER - September/October 2022 - Rollover Rules for 457(b) Plans
PLANADVISER - September/October 2022 - Jorge Bernal
PLANADVISER - September/October 2022 - Cover3
PLANADVISER - September/October 2022 - Cover4
https://www.planadviserdigital.com/planadviser/winter_2023
https://www.planadviserdigital.com/planadviser/fall_2023
https://www.planadviserdigital.com/planadviser/summer_2023
https://www.planadviserdigital.com/planadviser/industryleader_2023
https://www.planadviserdigital.com/planadviser/spring_2023
https://www.planadviserdigital.com/planadviser/november_december_2022
https://www.planadviserdigital.com/planadviser/september_october_2022
https://www.planadviserdigital.com/planadviser/july_august_2022
https://www.planadviserdigital.com/planadviser/may_june_2022
https://www.planadviserdigital.com/planadviser/industry_leader_awards_2022
https://www.planadviserdigital.com/planadviser/march_april_2022
https://www.planadviserdigital.com/planadviser/january_february_2022
https://www.planadviserdigital.com/planadviser/november_december_2021
https://www.planadviserdigital.com/planadviser/september_october_2021
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
https://www.planadviserdigital.com/planadviser/january_february_2021
https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
https://www.nxtbookmedia.com