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SSAE16 is replacing SAS 70

Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization, was finalized by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). SSAE 16 replaces SAS 70 as the authoritative guidance for reporting on service organizations. Benefit Payments is audited biannually by J.P. Morgan’s external auditor, PricewaterhouseCoopers LLP.

2012 Michigan Tax Changes

The State of Michigan Department of Treasury is implementing new tax withholding requirements that take effect on January 1, 2012 that may impact your plan participants and their distributions. Please review this legislation by visiting http://www.michigan.gov/treasury.

Unless directed otherwise, J.P. Morgan will not be changing the Michigan state tax withholding for your plan participants. Their set-up will remain unchanged and reflect the same withholding elections for 2012 as processed in previous years. If you would like to make a change to a participant’s record, please follow your normal process for initiating benefit payment transactions.

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