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2010

Reporting and Disclosure Calendar for Benefit Plans MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


2010 Reporting and Disclosure Calendar for Benefit Plans Every retirement plan adviser knows that the year is full of various compliance deadlines imposed on these programs by the Department of Labor (DOL), Internal Revenue Service (IRS), and other government agencies under the Employee Retirement Income Security Act of 1974, as amended (ERISA). Although many of these deadlines do not affect advisers directly, they certainly can have an impact on the smooth operation of a plan. More significantly, a missed deadline can mean real trouble for the plan sponsor and participants—and that certainly can mean trouble for you. Here you will find a check list for the year ahead, with key dates and deadlines that you can use to help keep your plan sponsor clients on track and on time. Note

Plan amendments for provisions of the Pension Protection Act of 2006 should be effective retroactively and will not violate anti-cutback rules if made on or before the last day of the plan year beginning on or after January 1, 2009 (or 2011 for governmental plans).

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


January January 1 ŒŒ 403(b) plans must be operated in accordance with a reasonable interpretation of §403(b). Written plan document not required until 12/31/2009. January 31 ŒŒ Many recordkeepers require participant data for average deferral percentage (ADP)/average contribution percentage (ACP), top heavy, and 402(g) compliance testing to be returned by this date.

January S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

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MC & J  CERTIFIED PUBLIC ACCOUNTANTS


February February 1 ŒŒ IRS determination letter submission for individually designed plan documents for Cycle D for employers with employer identification numbers that end in 4 or 9 and most governmental plans. Note: The deadline is January 31; however, this date falls on a Sunday in 2010. ŒŒ Form 1099-R (Distribution From Pensions, Annuities, Retirements on Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) due to participants to report 2009 distributions. Note: The deadline is January 31; however, this date falls on Sunday in 2010. ŒŒ Form 945 (Annual Return of Withheld Federal Income Tax) is due to IRS. Note: The deadline is January 31; however, this date falls on Sunday in 2010. Be aware that... ŒŒ Annual defined benefit (DB) plan statement or annual notice of availability of the statement and how to request one is due within 45 days after close of plan year to participants.

February S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


March March 1 ŒŒ Form 1-ES Estimated Premium Payment (flat-rate premium for plans with >500 participants) due to Pension Benefit Guaranty Corporation. Note: This is due by the last day of the second month in the premium payment year.

ŒŒ Form 1099-R for 2009 distributions due to IRS if not filed electronically. Note: The deadline is February 28; however, this date falls on a Sunday in 2010. ŒŒ Forms W-2 (Wage and Tax Statement) and W-3 (Transmittal of Wage and Tax Statement due to IRS. Note: The deadline is February 28; however, this date falls on a Sunday in 2010.

March 15 ŒŒADP/ACP corrective distributions of excess contributions and earnings due to participants. ŒŒForms 1042-S and 1042 due to IRS to report retirement plan distributions made to nonresident aliens and income tax withheld from distributions made to nonresident aliens. ŒŒ2009 employer profit sharing and match contributions due for plans with December 31 fiscal year-end in order to take tax deduction (with no corporate tax extension). ŒŒApplication of Waiver for Minimum Funding Standard for defined benefit (DB) and money purchase pension (MPP) plans (due no later than the 15th day of the third month after the close of the plan year for which the waiver is requested). March 31 (Continued on next page)

March

S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


March

March 31 ŒŒ Electronic filing of Form 1099-R for 2009 distributions due to IRS. ŒŒ Form 11-K, Annual Reports of Employee Stock Purchase Savings and Similar Plans pursuant to Section 15(d) of the Securities Exchange Act of 1934 due to SEC for non-ERISA plans with December 31 plan year-end. ŒŒ Form 5500 due to DOL under EFAST2 for short 2009 plan year filers. Short 2009 plan year filers whose due date to submit their 2009 filing is before January 1, 2010, are given an automatic 90 day extension to electronically file their Form 5500 uner EFAST2.

March S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


April April 1 ŒŒ Initial age 70½ minimum required distributions due to nolonger-active participants who turned age 70½ in 2009. ŒŒ Initial age 70½ minimum required distributions due to active or no-longer-active participants in a qualified plan, 403(b) account, or 457 plan who own more than 5% of the organization sponsoring the plan. April 15 ŒŒ 402(g) distributions of excess deferral amounts due to participants. ŒŒ Form 990-T (Exempt Organization Business Income Tax Return) due to IRS to report gross unrelated business income of $1,000 or more for plans with a December 31 plan year-end. April 30 ŒŒ Annual Funding Notice to participants, beneficiaries, and labor organizations representing participants from plan sponsors of single and multi-employer defined benefit (DB) pension plans. Note: Small plans (covering fewer than 100 participants) must provide the notice by the filing due date of the plan’s Form 5500.

April S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

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MC & J  CERTIFIED PUBLIC ACCOUNTANTS


May May 17 Forms 990 and 990-EZ (Annual Return of Organization Exempt from Income Tax) - IRC 501(c) due to IRS for plans with December 31 year-end. Use Form 8868 to request a 90-day extension. note: The deadline is May 15; however, this date falls on a Saturday in 2010.

Be Aware That... ŒŒ Annual review must be performed for existing fidelity bonds for fiduciaries of retirement plans that hold employer securities and persons who handle funding or other property of such plans to ensure maximums met. Information must be provided to IRS/DOL upon request. ŒŒ Defined contribution plan (DC)statements must be provided at least annually for participants who do not have the right to direct their investments and at least quarterly for participants who do have the right to direct their investments.

May S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

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MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


June June 29 ŒŒ Form 11-K, Annual Reports of Employee Stock Purchase, Savings and Similar Plans Pursuant to Section 15(d) of the Securities Exchange Act of 1934 due to SEC for ERISA plans with December 31 plan year-end.

Be Aware That... ŒŒ Qualified default investment alternative (QDIA) notice for plans that choose to use a QDIA must be provided to participants and beneficiaries 30 days prior to initial investment. ŒŒ Notice to participants of qualified automatic contribution arrangement (QACA) or qualified eligible contribution arrangement (QECA) and the ability to opt out must be provided to participants 30 days prior to eligibility and annually (for plans with immediate eligibility, notice can be given on or as soon as feasible after eligibility). ŒŒ Notice of failure to meet minimum funding standards for defined benefit (DB) or money purchase pension plans should be furnished within a “reasonable period of time” after the failure. Failure occurs if required contributions are not made within 60 days of the due date.

June S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

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MC & J  CERTIFIED PUBLIC ACCOUNTANTS


July July 29 ŒŒ Summary of Material Modifications due to participants for plans with December 31 plan year-end (due no later than 210 days after the end of the plan year in which the plan change is adopted).

July S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

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MC & J  CERTIFIED PUBLIC ACCOUNTANTS


August August 2 ŒŒForm 5330 used to report excise taxes related to employee benefit plans due to IRS for plans with December 31 plan yearend. ŒŒForm 5500 due to DOL under EFAST2 for plans with December 31 plan year-end (due seven months after plan year-end). ŒŒForm 5558 Application for Extension of Time to File Certain Employee Plan Returns (used to apply for extension of time to file Forms 5500 or 5330) is due to IRS for plans with December 31 plan year-end. The deadline for Forms 5330, 5500 and 5558 is July 31; however, this date falls on a Saturday in 2010. note:

august 16 ŒŒForm 990 due to IRS (extended deadline for plans with December 31 plan year-end and have filed Form 8868). (Continued on next page)

August S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


August Be Aware That... ŒŒNotice of funding waiver application for defined benefit (DB) or money purchase pension (MPP) plans must be provided when an employer requests a waiver of the minimum funding requirement ŒŒNotice of such must be provided to plan participants, beneficiaries and alternate payees within 14 days prior to the date of such application. ŒŒNotice of suspension of benefits for defined benefit (DB) plans (if plan suspends benefits for retirees who return to work or who keep working past retirement age) must be provided in the first calendar month or payroll period for which benefit payments are suspended. ŒŒIf a retirement plan offers a qualified pre-retirement survivor annuity (QPSA), notice must be provided to plan participants between first day of plan year in which participant reaches age 32 and last day of plan year in which participant reaches age 35. If participant is hired after age 35, this notice is due within one year of hire.

August S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


September September 15 ŒŒ Required contribution is due for money purchase pension (MPP), target benefit, defined benefit (DB) plans (8½ months after plan year-end) and 2009 employer profit-sharing and match contribution for those sponsors that filed a corporate tax extension. September 30 ŒŒ Summary Annual Report due to participants for plans with December 31 plan year-end (due to participants nine months after plan year-end or two months after filing Form 5500).

September S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

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MC & J  CERTIFIED PUBLIC ACCOUNTANTS


October October 1 ŒŒ Notice of qualified automatic contribution arrangement (QACA) and eligible automatic contribution arrangement (EACA) due to participants and each employee elegible to participate for the year. The deadline is typically a period of at least 30 days but no more than 90 days prior for plans with beginning plan year of January 1. ŒŒ 401(k) Plan Safe Harbor notice due to eligible employees. The deadline is typically a period of at least 30 days but no more than 90 days prior for plans with beginning plan year of January 1. October 15 ŒŒ Form-1 Annual Premium Payment (due by the 15th day of the ninth full month following the month in which the plan year began) is due to Pension Benefit Guaranty Corporation (PBGC). Schedule A-Single Employer Plan Variable Rate Portion of Premium and Form 1-EZ for flat rate premiums also due to PBGC. ŒŒ Form 5310-A to give notice of Qualified Separate Lines of Business due to IRS. ŒŒ Extended filing deadline for Form 5500 due to DOL under EFAST2 for plans with December 31 plan year-end.

October S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

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MC & J  CERTIFIED PUBLIC ACCOUNTANTS


November Be Aware That... ŒŒ If a retirement plan offers a qualified joint and survivor annuity (QJSA) notice must be given to plan participants between 30 and 180 days before annuity starting date. ŒŒ DC plans that require investment in company stock must provide a notice of diversification rights at least 30 days prior to the date a participant is eligible to diversify investments. Notice must include explanation of the importance of diversification. Note: Under the Pension Protection Act of 2006, plans that did not provide for diversification of company stock investments previously must now give participants the option to diversify after three years of service.

November S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


December December 2 ŒŒ Qualified default investment alternative (QDIA) notice due to all participants and beneficiaries who have been defaulted into a QDIA at least 30 days prior for plans with beginning plan year of January 1. ŒŒ Annual automatic enrollment (AAE) notice (can be combined with QDIA notice) due to employees before the employer enrolls an employee in an EACA or QACA plan. This notice is due at least 30 days, but no more than 90 days for plans with automatic enrollment date of January 1. december 15 ŒŒ Summary Annual Report due to participants for plans with December 31 plan year-end and have filed Form 5558. December 31 ŒŒ Age 70½ required minimum distributions due to participants who have begun receiving distributions.

December S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


About McConnell & Jones llp McConnell & Jones llp is a certified public accounting firm specializing in solving problems, reducing risk and improving business performance. We offer a complete spectrum of tax, assurance and small business accounting services to individuals, private companies, governmental and nonprofit agencies. McConnell & Jones llp is an affiliate of McConnell Jones Lanier & Murphy llp, a full-service professional services firm providing accounting, financial planning, management consulting, engineering and technical services.

2010 MJ

MC & J  CERTIFIED PUBLIC ACCOUNTANTS


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