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CCH® PENSION AND BENEFITS — 9/22/06

EBSA seeks information on whether Interpretive Bulletin 75-9 provides adequate guidance regarding the independence of accountants who audit employee benefit plans

The Employee Benefits Security Administration (EBSA) has issued a notice requesting information from the public concerning the advisability of amending Interpretive Bulletin 75-9 (CCH Pension Plan Guide ¶14,370) relating to guidelines on independence of accountants retained by employee benefit plans under ERISA §103(a)(3)(A).

Unless an exception applies, ERISA requires a plan administrator to retain on behalf of all plan participants an "independent qualified public accountant" to examine the financial statements of the plan and render an opinion as to whether the financial statements and schedules required to be included in the plan's annual report are presented fairly in conformity with generally accepted accounting principles. EBSA seeks to obtain information to assist the Department of Labor in evaluating whether and to what extent Interpretive Bulletin 75-9 provides adequate guidance to meet the needs of plan administrators, other plan fiduciaries, participants and beneficiaries, accountants, and other affected parties on when a qualified public accountant is independent. In order to assist interested parties in responding, the EBSA notice of request for information contains a list of specific questions.

Written responses, which must be received on or before December 11, 2006, should be addressed to the Office of Regulations and Interpretations, Employee Benefits Security Administration (EBSA), Room N5669, U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC 20210, Attn: Independence of Accountant RFI (RIN 1210- AB09). Responses also may be submitted electronically to e-ori@dol.gov or by using the Federal eRulemaking Portal. EBSA will make all responses available to the public on its Web site. For further information, contact Michael G. Leventhal, Office of Regulations and Interpretations, Employee Benefits Security Administration, U.S. Department of Labor, (202) 693-8523.

For more information on this and related topics, consult the CCH Pension Plan Guide.

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