ERISA Roundup - Q2 2024

A Note from BDO's ERISA Practice Leaders

Can you believe 2024 is already over half-way over? For plan sponsors, mid-year can be an opportune time to assess employee benefit plan activities and accomplishments as well as to set plan administrative task priorities for the remaining year. 

We hope you’re also able to take the opportunity to assess and prioritize. To assist in this process, we have assembled a set of our most recent insights and resources in this ERISA Roundup. In this edition, we look at the impact of workforce reductions on 401k plans and provide information on new Department of Labor Regulations. We also included a bonus link to a recent Accounting Today interview with one of our own (ERISA specialist Norma Sharara) discussing the surprising business impacts of recent legislative expansion of 401(k) eligibility.   

Stay current on ERISA topics like these by following along with our regular insights at www.bdo.com/erisa. And, be sure to connect with us at [email protected] – we welcome your thoughts and feedback!  

Center of Excellence Blurb

BDO’s ERISA Center of Excellence is your source for insights on emerging regulations, industry trends, current topics, and more. Visit us at www.bdo.com/erisa or follow along on Twitter: @BDO_USA and #BDOERISA.

In This Issue

• From Accounting Today: Expanded 401(k) Eligibility is Taking Businesses by Surprise
• New DOL Regulations May Bring Clarity to ESOP Valuation Process
• Understanding the Impact of Workforce Reductions on 401(k) Plans
• The Practical Guide to AI
• Five Tips for Renegotiating Pharmacy Benefits Manager (PBM) Contracts
• BDO Talks ERISA Podcast Series
• Webinar - Accounting, Audit, and Regulatory Updates Impacting Retirement Plans

2024 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 2024. 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.

September

• 15 / Fund: If an extension was filed, this is the deadline to fund employer contributions for Partnerships and S-Corporations.
• 15 / Fund: Last date to make 2023 contributions for single and multiemployer defined benefit pension plans.
• 30 / Action: Distribute Summary Annual Report (SAR) to participants if the Form 5500 was filed on July 31.

October

• 3 / Action: Distribute annual notices to participants no earlier than October 3 and no later than Dec 2, including notices for: 401(k) Plan Safe Harbor Match, Automatic Contribution Arrangement Safe Harbor, Automatic Enrollment and Qualified Default Investment Alternatives (QDIA).
• 15 / Fund: Possible third quarter 2024 contribution due for defined benefit pension plans.
• 15 / Action: Extended deadline for filing IRS Form 5500 and IRS Form 8955-SSA.
• 15 / Action: Extended deadline for filing individual and C-Corp tax returns.
• 15 / Action: If an extension was filed, this is the deadline to fund defined contribution employer contributions for C-Corporations and Sole Proprietors.
• 15 / Action: Open a Simplified Employee Pension (SEP) plan for extended tax filers.
• 15 / Action: Send annual funding notice to participants of single- and multi-employer defined benefit plans with 100 or fewer participants by October 15.
• 15 / Action: Defined benefit plan PBGC Premium filings and payments due. 
• 31 / Action: Single-employer defined benefit plans that are less than 60% funded or are 80% funded and have benefit restrictions triggered must inform participants by October 31 or 30 days after the benefit restriction applies.

Stay Up to Date with Our Podcast, BDO Talks ERISA

Our ERISA Center of Excellence releases a 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 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.