This past week, the International Foundation of Employee Benefit Plans (IFEBP) held its 60th Annual Conference in Boston, Massachusetts. The Annual Conference brings together roughly 5,000 persons involved in the administration and service of “employee benefit plans.” That term, of course, covers a lot of ground, e.g., single-employer to multi-employer plans; private to public sector plans; and pension to health-and-welfare plans. Persons attending the Annual Conference include fund trustees, administrators, business managers, fund attorneys, fund accountants, fund actuaries, and investment managers and consultants, among others. Conference courses and panels cover a wide range of topics, from the practical impact of the new Affordable Care Act (“ACA” or “Obamacare”) to pharmacy benefit management to guarding against fraud, waste and abuse in a fund’s health plans to crucial updates on labor and employment law and the areas of highest concern to the Department of Labor.
Below, I’ll share a few of the interesting factoids and tidbits that piqued my interest in various conference-classes.
This is just the tip of the iceberg; the Annual Conference is an invaluable educational tool for those who work with benefit plans. And Boston hosting the conference gave me easy access to Finale, the spot for amazing late-night desserts on Columbus Avenue. See the picture of their dessert-case below. Yes, I basically ate my way through every Boston restaurant last week. Yes, I’m heading to the gym now. No, I did not bankrupt the “All You Can Eat” Seafood place.
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|1.||↑||AICPA’s auditing standards define segregation-of-duties as “[a]ssigning different people the responsibilities of authorizing transactions, recording transactions and maintaining custody of assets [which] is intended to reduce the opportunities to allow any person to be in a position to both perpetrate and conceal errors or fraud in the normal course of his or her duties.”|
|2.||↑||A defined contribution plan is “[a] retirement plan in which a certain amount or percentage of money is set aside each year by a company for the benefit of the employee.” The amount contributed is fixed, but the benefit is not. Investopedia|