INDUSTRY RESOURCES

13January

Move Over GASB 45, Here Comes GASB 75

January 13th, 2017|

By Timothy Dennie In 2008 the Governmental Accounting Standards Pronouncement number 45 (“GASB 45”) went into effect. Since then we’ve seen some changes in actuarial practice, but no significant changes to the accounting guideline itself. But with 2017 that changes, as GASB 45 is being eliminated and replaced with a new standard, GASB 75. GASB 45 vs. GASB 75 GASB 45 and GASB 75 serve the same purpose, which is [...]

29December

Another Perspective While Religious Tensions Are Dangerously High

December 29th, 2016|

“Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached.”[1] With these words of the 14th-century emperor Manuel II, Pope Benedict XVI “fomented discord” in a world beset by “more than enough religious anger.”[2] The insulting passage, taken from his Regensburg lecture of September 12, 2006, reflected the [...]

29January

Avoid Unwanted Surprises with Quality Benefit Plan Audits

January 29th, 2016|

The U.S. Department of Labor conducted a 2015 study of the quality of Employee Benefit Plan (EBP) Audits for the 2011 filing year. They looked at who audits EBPs, the size of CPA firms performing them, the proportion of each CPA practice devoted to them and the overall quality of audits performed.  In doing so, they found that 61% of the audits performed were in line with Generally Accepted Auditing Standards [...]

9December

Definition of Compensation in Retirement Plans

December 9th, 2014|

While most Plan Sponsors can tell you off the tops of their heads what their Plan’s eligibility requirements are, the formula for calculating employer contributions and the types of withdrawal features in their Plan; many can’t tell you what their plan’s definition of “Compensation” is.  Using the wrong definition of compensation to determine contributions is among the top 5 most common mistakes Plan Sponsors make in operating their retirement plan [...]

2September

Beef up retirement savings with a cash balance plan

September 2nd, 2014|

Imagine your 401(k) plan on steroids.  Imagine being able to contribute four times more than your current   401(k) limit.  Imagine having an balance where investments are managed for you and the investment return is guaranteed.  And imagine, upon termination or retirement, taking your balance as a tax-free rollover into an IRA.  Well, your imagination may turn to reality, as Cash Balance Retirement plans now provide the above advantages, while opening [...]

11August

OPEB News and Notes

August 11th, 2014|

Accounting standards and actuarial guidelines are subject to constant review and revision over time, with a focus on improving the clarity and accuracy of reporting.  At Burke Group our commitment is to remain at the forefront of these changes.  Recently two new guidelines have been published which could significantly impact the liabilities, reporting, and potentially how employers choose to structure their benefits in the future.   The first development of [...]

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