• videocam On-Demand Webinar
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  • schedule 110 minutes

Audits of Pooled Employer Plans (PEPs): SECURE Act's New Flexible Retirement Plan

Documentation, Testing, and Design Considerations; Efficiency and Pricing

$197.00

This course is $0 with these passes:

CPE
ALL
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About the Course

Introduction

This webinar will explain pooled employer plans (PEPs) for businesses and accountants considering implementing or recommending this new flexible retirement plan option. Our panel of seasoned retirement plan auditors will cover eligibility requirements for PEPs, design considerations, and differences between PEP audits and other examinations.

Description

Section 101 of the SECURE Act created a new type of multiple employer plan (MEP), the PEP. MEPs allow employers to pool investments and share administrative costs. The Department of Labor requires employers participating in an MEP have a "common interest." Additionally, operational failures of one company in an MEP jeopardizes the tax-exempt status of the entire plan. Congress, hoping to inspire retirement planning, authorized the PEP. The "one bad apple rule" that endangered the plan's status for one member's misstep was eliminated, as was the commonality requirement.

This new plan creates new and unique considerations for audits of PEPs. A pooled plan provider (PPP) administers the plan. Some inquiries will need to be made of the PPP, while others should be addressed to the employers. As with all engagements, the firm must consider independence and whether it has the required expertise and understands the entity as outlined in AU-C Section 315. The creation of PEPs has expanded opportunities for consulting and auditing engagements for employee benefit plan professionals.

Listen as our panel of specialists reviews the distinct requirements of PEPs, including the benefits and caveats of implementing and auditing this new retirement plan type.

Presented By

Christopher Ciminera, CPA, QKA
Principal
Belfint Lyons & Shuman, PA

Mr. Ciminera specializes in auditing retirement plans as a member of the firm’s Employee Benefit Plan Audit practice group. He helps the firm’s clients navigate the retirement plan audit requirement while providing timely and quality service. As a specialist in the area, Mr. Ciminera's direct work with clients minimizes daily interruption while providing a comprehensive and thorough audit. He understands the importance of, and enjoys working together with, the various service providers involved in plan administration including third-party administrators, investment advisors, ERISA attorneys, and other key players during the audit.

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Rachel Mahmood
Principal
CliftonLarsonAllen

Ms. Mahmood is a Principal with CLA and is solely dedicated to CLA's Employee Benefit Plan Services Group. With more than 12 years' experience, she has extensive experience dedicated to providing assurance and consulting services to plan sponsors of various single and multiple employer benefit plans.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

Date + Time

  • event

    Thursday, April 24, 2025

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Pooled employer plans: introduction
  2. Background
  3. PEP audits
    1. PEP audit requirements
    2. Items to consider when bidding on PEP audits
  4. PEP Provider Experiences
    1. What we are seeing in the industry
  5. Audit procedures
    1. Documentation
    2. Testing
    3. Design considerations
  6. Audit consideration
    1. Unique challenges and considerations of PEP audits
    2. Differences between PEP audits and other examinations

The panel will review these and other critical issues:

  • Design considerations for PEPs consisting of multiple employers
  • Audit challenges for PEPs and unique items for auditors to consider
  • Which PEPs are required to have an audit
  • Anticipated implementation guidance for administering PEPs
  • Special considerations for Pooled Employer Plan audits

Learning Objectives

After completing this course, you will be able to:

  • Identify employers eligible to participate in PEPs
  • Determine the impact of the SECURE Act on MEPs
  • Decide which employers or PPPs are required to have a financial statement audit
  • Ascertain differences between PEP audits and other audits
  • Field of Study: Auditing
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

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