ERISA Roundup - Q4 2019

January 2020

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A NOTE FROM BDO’S NATIONAL ERISA PRACTICE LEADER


Welcome to a new year and a new decade!

As we head into 2020, plan sponsors are thinking about how to offer benefits that resonate with a multi-generational workforce and remain competitive in an evolving marketplace—while staying within the organization’s budget. Through BDO’s ERISA Center of Excellence and this publication, we discuss trends impacting the industry and regulations to keep top of mind. 

The start of a new year is an optimal time to take a moment and check in on your total benefits offerings. The recent passing of the SECURE Act has provided plan sponsors and participants the opportunity for further enhancements toward saving for retirement. Early in the new year, we’ll explore the passage of the SECURE Act and what this means for plan sponsors.

For more insights and tools, please consider following along with us online at www.bdo.com/erisa until our next issue in April.

Sincerely,
 
Garner_Beth-6066-BG25.jpg BETH GARNER
National Practice Leader, ERISA


 

IN THIS ISSUE...

  

2020 Outlook: Trends Shaping the Employee Benefits Landscape

Employee benefits have become a strategic priority for organizations.
 
READ THE FULL ARTICLE
 


2020 Cost-of-Living Adjustments for Qualified Retirement Plans

The Internal Revenue Service (IRS) and the Social Security Administration (SSA) have each announced 2020 cost-of-living adjustments (COLA).
 
READ THE FULL ARTICLE
 


Personalizing Retirement Communications Based on Life Events

Many employers are looking to reinvent their benefit strategies by coming up with new forms of retirement, financial wellness, and health benefits to better meet the needs of their workforces.
 
READ THE FULL ARTICLE
 


Financial Well-Being: Educating Employees About Financial Strategies for Kids

It is natural for parents to be concerned about their children’s financial futures. This can become a problem for employers if parents take this worry to work every day. 
 
READ THE FULL ARTICLE
 


PBGC Premium Increases: How Plan Sponsors Manage the Burden

Defined benefit plan sponsors are used to managing risk in terms of asset value volatility or minimum funding requirements.
 
READ THE FULL ARTICLE
 


Should Employers Help Employees Decide When to Retire?

Each day, approximately 10,000 baby boomers reach retirement age, but many don’t have a formal plan for leaving the workforce.
 
READ THE FULL ARTICLE

 


2020 DEADLINES AND IMPORTANT DATES FOR PLAN SPONSORS


January 2020
January 30: Single-employer defined benefit plans that are less than 60 percent funded must inform participants by Jan. 30 or 30 days after the benefit restriction is determined.
January 31: Distribute 2019 IRS Form 1099-R to participants by Jan. 31 for distributions paid during 2019.
January 31: 2019 Form 945 must be filed with the IRS by Jan. 31.
January 31: File 2019 IRS Form 1096 and 2019 IRS Forms 1099-R with IRS (paper transmittal) by Jan. 31 for 2019 tax year.

February 2020
February 14: File PBGC Form 10 by Feb. 14, Post-Event Notice of Reportable Events for single-employer defined benefit plans.
February 17: Review and approve compliance testing results sent by plan administrator by Feb. 17.
February 28: Employers choosing to file paper 2019 IRS Form 1094-C and 2019 IRS Forms 1095-C with the IRS must do so by Feb. 28, to prove compliance with the Employer Shared.
February 28: Responsibility Mandate of the Affordable Care Act (ACA)Action: Recordkeeper, Employer or other responsible party files 2019 IRS Form 1096 and 2019 IRS Forms 1099-R with IRS (electronic transmittal) by Feb. 28 for 2019 tax year.

March 2020
March 2: File PBGC form 1-ES, the estimated premium payment for plans with 500 or more participants, by March 2.
March 31: Employers choosing to file electronic 2019 Form 1094-C and Forms 1095-C must do so by March 31, to prove compliance with the Employer Shared Responsibility Mandate of the Affordable Care Act (ACA).

View All Deadlines and Important Dates
 


CONTACT:
 
Beth Lee Garner
Assurance Partner, National Practice Leader
 
     Kimberly Flett
Managing Director, National Practice Leader
ERISA, STS Compensation and Benefits
 

 
Michael Belonio
Assurance Director, National Region Practice Leader
 
  Mary Espinosa
Assurance Director, West Region Practice Leader
 

 
Jody Hillenbrand
Assurance Director, Southwest Region Practice Leader
 
  Luanne MacNicol
Assurance Director, Central Region Practice Leader
 

 
Joanne Szupka
Assurance Director, Atlantic Region Practice Leader

 
  Jam Yap
Assurance Director
Southeast Region Practice Leader
 

 
Wendy Schmitz
Assurance Director
 
  Darlene Bayardo
National Assurance Director
 

 
Chelsea Smith
National Assurance Senior Manager
 
  Rich McCleary
Actuarial Managing Director, Compensation and Benefits
 

 
Ellyn Bess
STS GES Partner - Compensation and Benefits