ERISA Roundup – Q2 2023
A Note From BDO’s National ERISA Practice Leader
The summer season is a great time to slow down and focus on your upcoming goals for the second half of the year. To assist in this process, we have assembled a set of our most recent insights along with the latest requirements calendar and access to our recent podcasts and resources in this quarter’s issue of the ERISA Roundup.
In this issue of our ERISA Roundup, we discuss how the DOL released the final changes to 2023 Form 5500 and how plan sponsors should revisit their operations and ensure policies and filings are current due to the DOL’s enforcement activity.
We also explore more information on option to treat employer contributions as ROTH Contributions under SECURE 2.0 and recommended next steps for plan sponsors if they are interested in offering this feature.
Staying current on ERISA topics is simplified with BDO as we invite you to follow along with our regular insights at our BDO ERISA Center of Excellence and our podcast series BDO Talks ERISA. We welcome any feedback on our content by emailing us.
ERISA Center of Excellence
Visit BDO’s ERISA Center of Excellence. It is your source for insights on emerging regulations, industry trends, current topics, and more. You can also follow us on Twitter.
In This Issue
- BDO Talks ERISA Podcast Series – April, May, June
- Plan Sponsor Alert: Consider Lump Sum Payouts Amid Higher Interest Rates
- Plan Sponsor Alert: DOL Enforcement Activity Expected to Increase in 2023
- Plan Sponsor Alert: Changes to the 2023 Form 5500
- Plan Sponsor Alert: Option to Treat Employer Contributions as ROTH Contributions Under SECURE 2.0
- IRS Drastically Expands Electronic Filing Requirement for 2023 Tax and Information Returns
2023 Deadlines and Important Dates
Sponsors of defined benefit and defined contribution retirement plans should keep the following deadlines and other important dates in mind as they work toward ensuring compliance for their plans in 2023. Dates assume a calendar year plan. Some deadlines may not apply, or dates may shift based on the plan sponsor’s fiscal year. For additional support, please contact your BDO representative.
July
- 14 / Action: 401(k) plans with publicly traded employer stock that requested a 15 calendar day extension (SEC Form 12b-25) for the SEC Form 11-K must file the SEC Form 11-K with the Securities and Exchange Commission by July 14.
- 14 / Fund: Possible second quarter 2022 contribution due for defined benefit pension plans by July 15 (i.e., contribute by July 14 before the weekend, as contribution deadlines are not extended to the next business day)
- 25 / Action: File PBGC Form 200, Notice of Failure to Make Required Contributions, by July 25, if plan sponsor of a single-employer defined benefit plan does not make a July 15 required contribution, causing the plan to have more than $1 million in unpaid contributions
- 31 / Action: File IRS Form 5500, Annual Return/Report of Employee Benefit Plan, and IRS Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, for the 2022 plan year by July 31.
- 31 / Action: To request an extension of time to file IRS Form 5500, file IRS Form 5558 by July 31
August
- 15 / Action: File PBGC Form 10, Post-Event Notice of Reportable Events, by August 15, if a defined benefit plan with 100 participants missed its July 15 required contribution and it remains uncontributed. Filing is not required if the contribution could have been met with a Prefunding or Carryover Balance election or if a PBGC Form 200, Notice of Failure to Make Required Contributions, was already filed for the same event.
Best Practice: Plans may consider doing mid-year compliance testing to avoid failing applicable annual tests.
September
- 15 / Fund: If an extension was filed, September 15 is the deadline to fund employer contributions for Partnerships and S-Corporations
- 15 / Fund: September 15, last date to make 2022 contributions for single and multiemployer defined benefit pension plans.
- 15 / Action: File IRS Form 5330, Return of Excise Taxes Related to Employee Benefit Plans, if plan sponsor of a single-employer defined benefit plan does not make the September 15 required contribution
- 25 / Action: File PBGC Form 200, Notice of Failure to Make Required Contributions, by September 25, if plan sponsor of a single-employer defined benefit plan does not make the September 15 required contribution, causing the plan to have more than $1 million in unpaid contributions
- 29 / Action: September 29, Distribute Summary Annual Report (SAR) to participants if the Form 5500 was filed on July 31
Stay Up to Date with Our Podcast, BDO Talks ERISA
Our ERISA Center of Excellence releases a monthly podcast - BDO Talks ERISA! This series covers best practices around all things ERISA and any other HR-related topics, including:
- How to avoid common compliance issues
- How to navigate the ins-and-outs of ERISA’s fiduciary provisions
- Our own experiences working for BDO’s ERISA Services group
- A deeper dive into the insights we share through our BDO ERISA Center of Excellence
Listen to new episodes of BDO Talks ERISA here or subscribe on Apple Podcast or Spotify. If you have suggestions for future topics or have a question for us to answer, please send us an email.
Recent Episodes:
Episode 30: Implications for the 2023 Form 5500
In this episode, we are joined by Nicole Parnell to discuss the changes to the 2023 Form 5500. The discussion focuses on the changes to the methodology for counting participants in defined contribution plans for purposes of determining eligibility for small plan reporting options:
Episode 31: Q&A regarding SECURE 2.0
In this episode, we discuss the top questions regarding SECURE 2.0
Episode 32: 401(k) Best Practices A Guidebook for Plan Sponsors featuring TY Parrish
In this episode, our BDO co-hosts are joined by TY Parrish - Partner at Cerity Partners and co-author of 401(k) Best Practices A Guidebook for Plan Sponsors. In this podcast, TY discusses the common questions that plan sponsors have and what defines a good advisor and how to navigate in finding an advisor.
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