ERISA Roundup - Q1 2022

A Note From BDO's National ERISA Practice Leader

Many of us are welcoming Spring weather and a renewed sense of energy for 2022. While these are trying times for many across the world, we hope you are able to find peace and gratefulness in your everyday work and home life. For your reference and convenience, we have compiled our most recent insights and podcast episodes in this first quarter ERISA Roundup.

The “Great Resignation” and its subsequent effects have continued into 2022. The administrative tasks involved with high employee turnover is something employers and human resource professionals contend with daily. Our goal was to offer you insight into how to manage the trend of high turnover, while strengthening the efficiency of your organization for the future. You will also find in this issue, a summary of the Government Accountability Office (GAO) Report on the lack of participant understanding of fee information – and how the Department of Labor (DOL) could take additional steps to help.

Staying current on ERISA topics is simplified with BDO as we invite you to follow along with our regular insights at and our podcast series                    BDO Talks ERISA. Feedback on our content is always welcomed - you can reach us at [email protected]

Wishing you all the best,
Beth Garner, National Practice Leader, EBP and ERISA Services

In This Issue...

2022 Deadlines and Important Dates

Sponsors of defined benefit and defined contribution plans should keep the following deadlines and other important dates in mind as they work toward ensuring compliance for their plans in 2022. Dates assume a calendar year plan.


  • 16 / File PBGC Form 10, by May 16, if a defined benefit plan with >100 participants 1) missed its April 15 required contribution, 2) the contribution is still unpaid as of May 15, 3) the contribution could not have been met with a Prefunding or Carryover Balance election and 4) a PBGC Form 200 was not already filed for the same event.

  • 16 / Action: File PBGC Form 10 by May 16, Post-Event Notice of Reportable Events if plan sponsor of a single employer defined benefit plan does not make an April 15 required contribution, causing the plan to have more than $1 million in unpaid contributions.


  • 29 / Action: 401(k) plans with publicly traded employer stock that use an ERISA format must file Form 11-K with the Securities and Exchange Commission by June 29.

  • 30 / Action: Highly compensated employees who fail ADP/ACP test for prior plan year must have refunds processed by June 30, if an eligible automatic contribution arrangement (EACA).


  • 14 / Action: 401(k) plans with publicly traded employer stock that use an ERISA format that requested a 15 calendar day extension (Form 12b-25) for the Form 11-K must file the Form 11-k with the Securities and Exchange Commission by July 14.

  • 25 / Action: File PBGC Form 200 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.

  • 15 / July 15, possible second quarter 2022 contribution due for defined benefit pension plans.

  • 31 / Action: Preapproved defined contribution plans must sign and date restated plan documents by 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 at or subscribe on Apple Podcast or Spotify. If you have suggestions for future topics or have a question for us to answer, send an email to [email protected].

Recent Episodes:

Episode 15: The Cost Savings of Dependent Eligibility Audits
In this episode, we are joined by Howard “Howie” Gerver, the Founder and President of HR Best Practices and self-proclaimed “HR Data Geek.” HR Best Practices is a leading health insurance/benefits administration and technology company specializing in eligibility, benefits administration, Affordable Care Act IRS compliance, performance integrity and health equity. Howie shares his insights on dependent and working spouse audits and how they can bring about cost savings.
Episode 16: ESOPs: What’s the Latest in Administration and Auditing?
Beth Garner and Joanne Szupka follow up on their ESOP series and sit down with Laura Robertson to talk more about ESOP administration and auditing practices. Laura is a Senior Manager in Retirement Plan Services within BDO’s Global Employer Services practice. She brings with her 20 years of experience in retirement planning and 10 years with ESOP administration and setup. This episode is Part 2 of our ESOP series and provides more insight into the latest with ESOPs.
Episode 17: Your Remote Workforce: The Obligations and Tax Implications
Ronii Rizzo is a Managing Director with BDO and the Global Payroll and Employment Tax Services National Leader. Ronii assists her clients with expatriate tax and payroll matters. In this week’s episode, she discusses how international, federal and state governments are aware of the current workforce trends and how they are prepared to audit and enforce tax law. Ronii offers insight into how to keep you, your employees, and your company compliant with the latest regulations.

ERISA Update and Outlook for 2022

Employers have spent the last two years dealing with many challenges and disruptions, and they are now looking to move forward in 2022 against a backdrop of economic and pandemic-related uncertainty and market volatility. To help plan sponsors navigate the challenging road ahead, professionals from BDO’s ERISA Center of Excellence recently held a year-end webinar: ERISA Update—Past, Present and Future. Here, we outline four themes that plan sponsors should be keeping a close eye on in 2022.

Read The Insight

100% ESOP-Owned Defense Department Government Contractors Eligible for Sole Source Awards on Follow-On Contracts

With President Biden’s signing of the National Defense Authorization Act for Fiscal Year 2022 (Public Law No. 117-81) (the NDAA) on December 27, 2021, employee stock ownership plans (ESOPs) have become more attractive for Department of Defense (DoD) government contractors.

Read More

GAO Report: Participants Don’t Understand Fee Information

Helping participants better understand 401(k) fees not only can improve participants’ financial wellness—it may reduce the risk of litigation for plan sponsors.

Read The Report 

Abandoned 401k Accounts and The Great Resignation

The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November  alone, according to data from the U.S. Bureau of Labor Statistics.

Read The Full Insight

Pooled Employer Plans – What's New in 2022

Beginning January 1, 2021, pooled plan providers could start Pooled Employer Plans (PEPs), which Congress created to expand access to retirement benefits by allowing companies in unrelated industries to participate in a multiple employer plan (MEP). 

See What's New

Contribution Plan Limits and Other Rolling Notices for 2022

In addition to those important deadlines and dates, plan sponsors should be aware of the contribution plan limits and other rolling notices for 2022:

  • Employee salary deferral limits for 401(k), 403(b) and 457 plans will be $20,500. Age 50 catch-up contribution limit increases to $6,500.

  • Health Savings Account contribution limit is $3,650 (single) and $7,300 (family). Age 55 catch-up contribution stays at $1,000.

  • Traditional and Roth Individual Retirement Account contribution limit will be $6,000. catch-up contributions for participants age 50 and over is $1,000.

  • Limitation for the annual benefit under a defined benefit plan under Section 415(b)(1)(A) will be $245,000.

  • The dollar amount used to define “highly compensated employee” under Section 414(q)(1)(B) will be $135,000.

  • Newly eligible employees must receive a Summary Plan Description (SPD) within 90 days after becoming covered by the plan.


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