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AICPA objects to Labor Dept. proposal on benefit plan reporting

Tammy Whitehouse | December 5, 2016

The accounting profession is speaking up to object to proposed changes to employee benefit plan reporting, especially a plan to require plan sponsors to name the engagement partner on plan audits.

The American Institute of Certified Public Accountants submitted its comment letter on a proposal by the U.S. Department of Labor, the Internal Revenue Service, and the Pension Benefit Guaranty Corp. to revise the reporting on employee benefit plans as required under Form 5500, which governs information gathering on operations, funding, and investments in private-sector benefit plans. DOL estimates U.S. entities sponsor 2.3 million health plans and a similar number of other welfare plans that would be affected by the new requirements, covering 143 million workers, retirees, and dependents, with plan assets estimated at $8.7 trillion.

DOL says...

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