Products June 24, 2008

AICPA Helps 403(b) Sponsors with Plan Reporting

June 24, 2008 (PLANSPONSOR.com) - The American Institute of Certified Public Accountants (AICPA) 403(b) Task Force recently issued tools to help with the new reporting and audit requirements for Employee Retirement Income Security Act (ERISA)-covered 403(b) plans.
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According to an announcement from the AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC), the new tools include:

  • 403(b) Plans Primer – The primer provides a general understanding of 403(b) plans;
  • 403(b) Filing and Audit Requirements – A summary of 403(b) retirement plan filing and audit requirements, including an analysis of ERISA-covered 403(b) plans, DOL “safe harbor” rules, and a Form 5500 filing calendar; and
  • 403(b) Getting Started: Meeting the New Form 5500 Reporting and Audit Requirements – Suggests steps that plan sponsors and administrators can take now to help their plan meet the new filing and audit requirements.

In addition, Center members can use the EBPAQC Discussion Forum to share their 403(b) experiences with other Center members.

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The 403(b) tools are publicly available at http://www.aicpa.org/ebpaqc .

Beginning with 2009 Form 5500 filings, ERISA-covered 403(b) plans that are sponsored by charitable organizations will be subject to the same Form 5500 reporting and audit requirements that currently exist for section 401(k) plans (See New Form 5500 Regs Mean “Scary” 2009 Plan Year for 403(b) Sponsors ).

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Administration June 23, 2008

Forward Management Expands through Acquisition

June 23, 2008 (PLANSPONSOR.com) - Forward Management, LLC announced it has entered into an agreement to acquire the assets of the San Francisco-based retail division of Berkeley Capital Management, LLC.
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The agreement includes the investment portfolios and investment team responsible for managing the Global Dividend, International Dividend, U.S. Dividend, and SmallMid Core Portfolios, according to the announcement. The deal will allow Forward to expand its separately managed accounts (SMA) and Institutional business by doubling the number of in-house investment professionals.

As part of the agreement, the current San Francisco-based Berkeley team – which includes investment, marketing, and client service professionals – will join Forward Management. The team specializes in dividend-based investing through its global, international and U.S. dividend strategies, the announcement said.

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Berkeley will now focus entirely on its primary business, its institutional division, Delta Asset Management, based in Los Angeles.

“We are excited about the opportunities that this transaction will provide our clients and team,” said David Ruff, Berkeley’s Chief Investment Officer, in the announcement. “Joining Forward will give us the resources and infrastructure to effectively enhance our business.”

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