ERISA Roundup - Q3 2019

October 2019

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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,

    Garner_Beth-6066-BG25.jpgBETH 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.
 
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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
 


CONTACT:
 
Beth Lee Garner
Assurance Partner, National Practice Leader
 
     Wendy Schmitz
Assurance Director, Atlantic Region Practice Leader
 

 
Kimberly Flett
Managing Director, National Practice Leader
ERISA, STS Compensation and Benefits
  Joanne Szupka
Assurance Director, Northeast Region Practice Leader
 

 
Mary Espinosa
Assurance Director, West Region Practice Leader
  Jam Yap
Assurance Director
Southeast Region Practice Leader

 
Jody Hillenbrand
Assurance Director, Southwest Region Practice Leader
  Darlene Bayardo
National Assurance Director

 
Luanne MacNicol
Assurance Director, Central Region Practice Leader
 
  Chelsea Smith
National Assurance Senior Manager
 

 
Rich McCleary
Actuarial Managing Director, Compensation and Benefits
 
  Ellyn Bess
STS GES Partner - Compensation and Benefits
 

 
Bob Criscuolo
Business Development Director
 
  Patrick Pilch
Managing Director and National Healthcare Leader
 

 
Lara Stanton
Audit Director