February 2019 28th: Form 1099-R – The Form 1099-R is due for any distributions that occurred during the 2018 calendar year. Note: Participant Loans that are in default may be considered “deemed” distributions and are reportable on Form 1099-R. March 2019 15th: ADP/ACP Corrective Testing - This is the deadline for distributing contributions and earnings to participants as corrective measures to...
Domestic equity markets declined significantly during the fourth quarter of 2018, wiping out the gains from the first three quarters and ending the year with negative calendar year returns for the first time since 2008. The S&P 500 Index fell 13.5% during the quarter, its worst quarterly return since the third quarter of 2011. Large-cap stocks outperformed their small-cap counterparts during...
Domestic equity markets rallied during the third quarter of 2018, as positive economic data and strong corporate earnings once again helped to offset the impact of rising interest rates and continued trade tensions. The S&P 500 index increased 7.7% during the quarter, its best quarterly gain in nearly 5 years. Large-cap stocks outperformed their small-cap counterparts during the quarter,...
Earlier this year, the Bipartisan Budget Act of 2018 was passed by Congress and signed into law. While this law made several changes that impact retirement plans, one provision changing the rules around hardship distributions is particularly notable. As a result of the act, changes to the hardship distribution rules for 401(k) plans will take effect for the 2019 plan year (e.g., as of January...
One of the most prevalent and difficult challenges for many twenty somethings these days is the repayment of their, often substantial, student loan debt. Statistics show that the average college graduate with a bachelor’s degree left school in 2016 with $28,446 in student loan debt. While paying off this mountain of debt is certainly a difficult task on its own, doing so and contributing toward...
Every Fall, the coming year’s Cost-of-Living Adjustments (COLAs) are released by the Internal Revenue Service. The benefit increases counteract the effects of inflation and keep up with the “cost of living”. Below are the limits for 2019. 2019 2018 Maximum compensation limit $280,000 $275,000 Defined contribution plan maximum contribution $56,000 $55,000 Defined benefit plan maximum benefit...
It’s the time of year when Plan Sponsors scramble to deliver the myriad notices required to be given to their participants. Even with the help of service providers, the sheer number of notices can be overwhelming. Below is a summary of the notices that may apply to a calendar year 401k plan. Safe Harbor Notice – December 1st marks the deadline to distribute a notice of intent to use a safe...
Natural disasters can cause upheaval in many aspects of victims’ lives and this destruction often extends to financial matters. What should otherwise be routine compliance for plan deadlines can prove difficult in these extreme events and the government tends to grant temporary relief in such cases. The Department of Labor announced Oct. 26th that it has published employee benefit plan...
December 2018 1st: Participant Notices – Annual notices due for Safe Harbor elections, Qualified Default Contributions (QDIA), and Automatic Contribution Arrangements (EACA or QACA). 31st: Participant Notices – Annual notices due for ERISA 404(c) and Fee Disclosure. 31st: Discretionary Amendments - Deadline to adopt discretionary plan amendments for calendar-year plans. If changes have been made...
September 15th: Required contributions are due for pension plans (Money Purchase, Target Benefit, and Defined Benefit plans) that end on the calendar year. 2017 profit sharing or matching contributions for calendar fiscal years for plan sponsors who filed a corporate tax extension are also due. 30th: Summary Annual Report (SAR) due to participants or beneficiaries receiving benefits under the...
Being a plan sponsor comes with a good bit of responsibility. Below are a few helpful hints to keep your plan in compliance, avoid unnecessary corrections, and help to better serve your participants. Don’t Ignore Participant Complaints – Dissatisfied employees can file complaints that trigger a government audit or file lawsuits that are expensive and time-consuming to handle, even if you win....
Many American workers participate in company retirement plans, methodically contributing to their accounts over time to fund for life after work. Beyond benefiting from employer-funded plans, retirees commonly draw from additional savings tucked away in IRAs or after-tax savings accounts as well. Add Social Security payments to the mix and it should be a recipe for a secure retirement, right?...
Domestic equity markets posted solid gains in the second quarter of 2018 as strong corporate earnings and positive domestic economic data outweighed investor concerns over rising interest rates and the possibility of a global trade war. The S&P 500 index bounced back from a weak first quarter returning 3.4% during the second quarter, leaving the index up 2.6% year-to-date. Small-cap stocks...
June 30th: For plans that maintain an eligible automatic contribution arrangement (EACA), this is the due date for processing corrective distributions for failed ADP/ACP tests (without incurring the 10% excise tax). July 28th: If you amended your plan in 2017, the law requires that you distribute a Summary of Material Modifications (SMM) to the plan's participants. 31st: Form 5500 (Annual...
If your company has decided to offer a high deductible health plan, don’t worry, you are not alone. Recent studies show that an increasing number of employers have elected to offer high deductible health plans (HDHP) either to completely replace or be offered in conjunction with a more traditional Health Maintenance Organization (HMO)plan or Preferred Provider Organization (PPO) plan. When...
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