ERISA Roundup - Q3 2019

A NOTE FROM BDO’S NATIONAL ERISA PRACTICE LEADER

As October 15 deadlines draw near, you have a distinct opportunity to evaluate the effectiveness and organization of your employee benefit plans. Were issues uncovered during your audit process? Was your audit rushed or chaotic? Take the time to brush up on best practices and ways to improve efficiency.

BDO is always here to help.

Our latest ERISA Roundup includes a special highlight for those in the Healthcare industry as well as some notes on DOL enforcement and how plan sponsors can evolve their benefit offerings to support millennials and freelance team members.

We hope you have a wonderful holiday season and start to 2020! And, please consider following along with us online at www.bdo.com/erisa until our next issue in early January.

Sincerely,

BETH GARNER 
National Practice Leader, ERISA

IN THIS ISSUE...

Designing Benefit Plans for Healthcare Organizations

Healthcare is one of the largest and fastest-growing portions of the U.S. economy.

READ THE FULL ARTICLE

What Plan Sponsors Need to Know About DOL Enforcement and Red Flags

Being selected for a Department of Labor (DOL) audit is not exactly a prize most plan sponsors want or intend to win. Often, plan sponsors think service providers will take the blame when compliance issues arise.

READ THE FULL ARTICLE

Reinventing Retirement Benefits to Drive Millennial Engagement

Attracting and retaining millennials, the largest segment of today’s workforce, is a priority for companies in one of the tightest labor markets in history. 

READ THE FULL ARTICLE

Why Plan Sponsors Should Read Their Service Providers' SOC Reports

When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. 

READ THE FULL ARTICLE

Saver's Credit: A Valuable Tool For Boosting Low-Income Employees' Retirement Plan Participation

Plan sponsors often struggle to get lower-paid employees to participate in the company 401(k) plan. For years, a little-known law has been in place to give tax credits to low-income employees to help them save for retirement.

READ THE FULL ARTICLE

How to Create a Multi-Generational Retirement Communications Plan

Much has been made about the challenges employers face in managing millennial workers—and for good reason.

READ THE FULL ARTICLE

The Gig Economy: How to Help Contractors Prepare for Retirement

The gig economy is growing, and there are many reasons why workers are looking to build careers as independent contractors as opposed to traditional W-2 employees.

READ THE FULL ARTICLE

2019 DEADLINES AND IMPORTANT DATES FOR PLAN SPONSORS

October 2019
October 15: File PBGC Form 10 by Oct. 15, Post-Event Notice of Reportable Events for single-employer defined benefit plans.
October 15: Oct. 15 is the extended deadline for filing Form 5500.
October 15: Oct. 15 is the extended deadline for filing individual and C-Corp tax returns.
October 25: File PBGC Form 200 by Oct. 25, if plan sponsor of a single-employer defined benefit plan does not make the Oct. 15 required contribution, causing the plan to have more than $1 million in unpaid contributions.

November 2019
November 14: File PBGC Form 10 by Nov. 14, Post-Event Notice of Reportable Events for single-employer defined benefit plans.

December 2019
December 1: Annual Participant notices must be distributed by Dec. 1. These include: 401(k) safe harbor, annual automatic contribution and qualified default investment alternative (QDIA) notices.
December 15: Dec. 15 is the extended deadline to distribute Summary Annual Report (SAR) for calendar year plans.
December 31: By Dec. 31, process corrective distributions for failed ADP/ACP testing; a 10 percent excise tax may apply.
December 31: Amendments to change traditional 401(k) to safe harbor design, remove safe harbor feature or change certain discretionary modifications must be completed by Dec. 31.

View All Deadlines and Important Dates

Have Questions? Contact Us

Related Resources

Article

Top Tax Issues Pass-Through Entities Should Consider in 2025

December 23, 2024
Article

Top Tax Issues Pass-Through Entities Should Consider in 2025

December 23, 2024

BDO Research Reveals Most Pressing Tax Issues for Tax Leaders.

Read More

Article

Timing is Everything: Evaluating When to Mitigate Risk with Your Pension Plan

December 20, 2024
Article

Timing is Everything: Evaluating When to Mitigate Risk with Your Pension Plan

December 20, 2024

As of 2022, 46,500 defined benefit pension plans exist, each with risks tied to market trends. De-risking strategies, like plan termination and annuity buy-outs, are vital now due to high interest rates, offering cost-effective risk mitigation.

Read More

Article

California Legislature Recommends Updating Conformity to Select IRC Provisions

December 19, 2024
Article

California Legislature Recommends Updating Conformity to Select IRC Provisions

December 19, 2024

The California Senate Revenue and Taxation Committee has released its 2024 tax conformity recommendations on whether California should conform to various changes made to the Internal Revenue Code after January 1, 2015 (known as “selective conformity”).

Read More

Article

IRS Releases Guidance on New Transfer Pricing Methodology

December 19, 2024
Article

IRS Releases Guidance on New Transfer Pricing Methodology

December 19, 2024

After years of debate and negotiation, the Organization for Economic Cooperation and Development’s (OECD’s) Pillar One, Amount B has taken a major step forward with the IRS’s release on December 18, 2024, of Notice 2025-04: “Application of the Simplified and Streamlined Approach under Section 482.”

Read More