june benefits deadlines

June Benefits Deadlines

Fulcrum Partners Fulcrum Partners News, Deferred Compensation News

Just when you needed a window for scheduling some time off, June rolls in with a shorter than usual checklist of health and retirement benefits deadlines to meet. Thank you, as always, to our friends at IslerDare PC for providing us timely reminders and permitting us to share them with readers of Deferred Compensation News.

June Benefits Deadlines Due June 30, 2021

  • Process participant ESOP* diversification elections that were made by March 31
  • Process corrective distributions to “cure” failed ADP/ACP** tests for 401(k) plans with an eligible automatic contribution arrangement for 2020, to avoid the 10% excise tax

Special Projects for Any Time in the Month of June

With a lighter load this month, now is a good time to take care of the following housekeeping tasks that you’ll be glad later you dealt with now.

  • Obtain insurance renewals from all vendors
  • Work with retirement plan recordkeepers to provide modeling or projections of the cost impact and the nondiscrimination testing impact of any design changes under discussion or of any unusual plan features (e.g., level of company contributions; safe harbor; auto enrollment or auto escalation features; varying employee groups; etc.)

*ESOP – employee stock ownership plan

** ADP/ACP – Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP)

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated herein.

Securities offered through Lion Street Financial, LLC (LSF) and Valmark Securities, Inc. (VSI), each a member of FINRA and SIPC. Investment advisory services offered through CapAcuity, LLC; Lion Street Advisors, LLC (LSF) and Valmark Advisers, Inc. (VAI), each an SEC registered investment advisor. Please refer to your investment advisory agreement and the Form ADV disclosures provided to you for more information. VAI/VSI, LSF and CapAcuity, LLC. are non-affiliated entities and separate entities from OneDigital and Fulcrum Partners.

Unless otherwise noted, VAI/VSI, LSF are not affiliated, associated, authorized, endorsed by, or in any way officially connected with any other company, agency or government agency identified or referenced in this document.

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