Newsletter Articles

Upcoming Compliance Deadlines for Calendar-Year Plans

May 15thQuarterly Benefit Statement - Deadline for participant-directed plans to supply participants with the quarterly benefit/disclosure statement including a statement of plan fees and expenses charged to individual plan accounts during the first quarter of this...

Timing of Deposits 401(k)/403(b) Deferrals and Loan Repayments

One of the questions asked by your TPA during the annual census collection may be whether your participant contributions and loan payments were transmitted within the Department of Labor (DOL) safe harbor time frame. It’s an important question because both the DOL and...

Upcoming Compliance Deadlines for Calendar-Year Plans

January 31stIRS Form 1099-R - Deadline to distribute Form 1099-R to participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year.IRS Form 945 - Deadline to file IRS Form 945 to report income tax withheld from qualified...

Navigating the Labyrinth of Required Minimum Distributions

Since the passage of the Tax Reform Act of 1986, taxpayers have been required to withdraw previously untaxed dollars from their qualified plan and IRA accounts. These withdrawals are called Required Minimum Distributions or RMDs. Historically, those at and over the...

SECURE Act Provisions for Long-Term Part-Time Employees

Historically, 401(k) plans could exclude individuals who worked less than 1,000 hours in the plan year. However, in its effort to expand access to employer retirement plans, the Setting Every Community Up for Retirement Enhancement (SECURE) Act introduced the concept...

2022 – An Ideal Time to Review Plan Design

Each year, those in the retirement community collect, analyze and calculate data to ensure plan compliance with the laws that govern qualified retirement plans. The calendar of deadlines repeats each year, challenging plan sponsors and service providers to focus on...

Participant Distribution Fraud in the “New Normal”

The Coronavirus pandemic, without a doubt, has changed the way we do business. It has also created some unanticipated vulnerabilities. For instance, since the start of the “new normal,” there has been an increase of cyberattacks on retirement plans and participant...

Upcoming Compliance Deadlines for Calendar-Year Plans

1st December 2021Participant Notices – Annual notices due for Safe Harbor elections, Qualified Default Contributions (QDIA), and Automatic Contribution Arrangements (EACA or QACA).31stADP/ACP Corrections - Deadline for a plan to make ADP/ACP corrective distributions...

Form 5500 Filing Extension for FEMA Designated Disaster Areas

On August 31st, 2021, the IRS issued guidance extending tax filing deadlines for Form 5500 in areas designated by the Federal Emergency Management Agency (FEMA) as qualifying for assistance due to Hurricane Ida and other recent natural disasters. This extension...