Fulcrum Partners is pleased to share the following report, prepared by the Employee Benefits group at Isler Dare PC: Checklist of September Plan Deadlines for Retirement, Medical, and Other Plans.
As we enter September, we’d like to remind you of some key deadlines for benefit plans.
Deadline September 15, 2021
- If Form 7004 was filed by March 15th, fund all 2020 company contributions to retirement plans by extended due date for corporate tax return in order to deduct contributions for 2020 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*; HIPAA** special enrollment, portability and nondiscrimination rules; newborn and mothers’ health; mental health parity; and failure to meet certain ACA*** 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, 2021
- Distribute Summary Annual Reports for retirement plans, and for 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**** for 2021
- Finalize budget for 2022 and obtain approvals, as appropriate, from Benefits Committee, Compensation Committee or Board of Directors for benefit plan design changes
- Finalize retirement plan changes for 2022, so changes can be incorporated into annual notices that will be distributed between October 1 and December 1, 2021
- 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
- Confirm with defined contribution plan recordkeeper that new lifetime illustrations will be included in participant benefit statements provided after 9/18/2021
*Continuation of Health Coverage
**Health Insurance Portability and Accountability Act
***Affordable Care Act
****Adjusted Funding Target Attainment Percentage
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.