The American Society of Pension Professionals & Actuaries is asking the Department of Labor to streamline the reporting requirements imposed on retirement plans by issuing new guidance.
Officials of ASPPA, Philadelphia, are also suggesting to DOL officials that they enlist professionals to review and suggest changes to existing auditing guidelines so that housekeeping costs related to retirement plans can be reduced.
The ASPPA views were proposed by Craig P. Hoffman, ASPPA general counsel and director of regulatory affairs, in a comment letter solicited by the agency in response to President Obama’s call for changes in regulations aimed at reducing reporting costs.
Hoffman asked that the DOL issue regulatory guidance to allow 403(b) contracts issued before 2009 to be excluded from the Form 5500 financial statements, as required by field assistance bulletins issued in 2009 and 2010.
Hoffman recommends in his comment that the DOL appoint a committee of experts to review and suggest modifications to the audit guidelines for 403(b) plans.
Regarding the 403(b) plans, recent guidance requires for the first time to include an independent audit as part of the plan’s 2009 plan year annual return in the form 5500.