Employee Benefits Security Administration has posted on the ERISA Advisory Council web page statements describing the issues that the 2010 Council is studying including employee benefit auditing and financial reporting models.
Document Excerpt
The 2010 ERISA Advisory Council (“Council”) will study whether the audit requirement and financial reporting model contained in ERISA §§ 103 and 104 provide the protections to plan participants and beneficiaries that Congress originally intended when it enacted ERISA in 1974. At that time, the most common retirement plans were defined benefit pension plans. Defined contribution plans have increasingly become the preponderant model for today’s workforce. Defined benefit plans provide for a payment of specified benefits at retirement to be funded from the total assets of the plan. In contrast, a participant’s retirement benefits from a defined contribution plan are based on amounts allocated to the participant’s individual accounts.
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