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As the sponsor of a qualified retirement plan, you’re subject to certain fiduciary responsibilities. These include administration functions like maintaining the plan’s financial records and filing an annual report for the plan.

Despite your best efforts to remain compliant, operational errors are sometimes made in the administration of employee retirement plans. When errors occur, you generally have two main options for correcting them:

The American Institute for Certified Public Accountants (AICPA) recently issued a Technical Question and Answer (TQ&A) that provides guidance on accounting for loans issued under the Paycheck Protection Program (PPP).

As an employee benefit plan sponsor, you could face harsh consequences for failing to satisfy ERISA requirements as they relate plan fiduciaries. One of the best ways to defend against these liabilities is to form an effective employee benefit plan governance committee.

They are two of the most common questions that many businesses sponsoring an employee retirement plan ask: Do we need to have an annual audit performed on our plan? And if so, how can we best prepare for the audit?

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The COVID-19 pandemic has forced the temporary closure, or a reduction of operating hours, of office buildings, shopping centers, restaurants, and other businesses. As a result, many lessors have, or will be, providing lease concessions to tenants who have faced economic disruption due to the COVID-19 pandemic. Lease concessions may vary in form, but payment forgiveness and deferral of payments are expected to be the most common types of concessions granted. As a result of lease agreements not containing provisions for rent concessions specific to COVID-19, in early April, the Financial Accounting Standards Board (FASB) issued a question-and-answer document (Q&A) addressing questions on the impact of the COVID-19 pandemic on lease concessions.

The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law in late March is a massive piece of legislation that’s more than 880 pages long and carries a price tag of at least $2 trillion.

Employee benefit plan sponsors are facing many questions due to the coronavirus pandemic and COVID-19. One of the most important is simple: What is your fiduciary duty during the coronavirus crisis?