Executive Benefits
Human Resources
Retirement Plan Benefits and Other Employee Benefits Deadline Checklist for September 2022
Retirement Plan Benefits and Other Employee Benefits Deadline Checklist for September 2022
Author Executive Benefits Team
Date August 30, 2022
The executive benefits team at OneDigital is pleased to share the following report on upcoming retirement plan benefits deadlines, prepared by the Employee Benefits group at Isler Dare PC.
As we enter September, we’d like to help you keep a few important retirement plan benefits deadlines in mind.
Deadline September 15, 2022
- If Form 7004 was filed by March 15th, fund all 2021 company contributions to retirement plans by extended due date for corporate tax return in order to deduct for 2021 and to avoid funding deficiency for defined benefit pension plans
- File Form 8928 to report excise taxes for noncompliance with certain group health plan requirements (e.g., COBRA[i]; HIPAA[ii] special enrollment, portability and nondiscrimination rules; newborn and mothers’ health; mental health parity; and failure to meet certain ACA[iii] requirements), assuming Form 7004 was filed to extend due date
- Form 5500 due for plans eligible for an automatic extension linked to a corporate tax extension
- Minimum funding deadline for defined benefit pension plans that do not have a funding shortfall for the prior plan year
Deadline September 30, 2022
- Distribute Summary Annual Reports for retirement plans and health and welfare plans with more than 100 participants, for which Forms 5500 were filed by July 31st (unless Form 5558 has been filed to extend due date for Form 5500, permitting distribution by December 15)
- Confirm actuary for defined benefit pension plan certifies AFTAP[iv] for 2022
Special Projects
- Finalize budget for 2023 and obtain approvals, as appropriate, from Benefits Committee, Compensation Committee or Board of Directors for benefit plan design changes
- Finalize retirement plan changes for 2023, so changes can be incorporated into annual notices that will be distributed between October 1 and December 1, 2022
- Conduct 401(k)/403(b) educational seminars for employees
- Confirm the annual 404(a)(5) fee disclosure notice for each defined contribution plan has been updated and provided to participants within the last 14 months
[i] Continuation Omnibus Budget Reconciliation Act
[ii] Health Insurance Portability and Accountability Act
[iii] Affordable Care Act
[iv] Adjusted funding target attainment percentage
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