July and August Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

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Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes.  To avoid such penalties and excise taxes, employers must remain informed with respect to the filing and notice deadlines associated with their plans.

The filing and notice deadline table below provides key 2013 filing and notice deadlines common to calendar year plans for the next two months. Please note that the deadlines will be different if your plan year is not the calendar year. Please also note that the table does not include all applicable filing and notice deadlines, just the most common ones. King & Spalding is happy to assist you with any questions you may have regarding compliance with the filing and notice requirements for your employee benefit plans. 

Deadline

Item

Action

Affected Plans

July 29

(no later than 210 days after the end of the plan year in which the change was effective)

Summary of Material Modifications

Deadline for plan administrator to distribute summary of material modifications reflecting any changes to the summary plan description (SPD) arising from any plan amendments adopted during prior year (unless a revised SPD is distributed that contains the modification).

 

Retirement Plans

Health & Welfare Plans

July 31

(the last day of the 7th month following the plan year)

DOL Form 5500

Deadline for plan administrator to file Form 5500 (Annual Return/Report of Employee Benefit Plan) for prior year. This deadline is extended 2 ½ months if the plan administrator files Form 5558.

 

Retirement Plans

Health and Welfare Plans

IRS Form 8955-SSA

Deadline for plan administrator to file Form 8955-SSA (Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits). This deadline is extended by 2 ½ months if the plan administrator files a Form 5558.

Retirement Plans

July 31

Patient Centered Outcomes Research Institute (“PCORI”) fee

Deadline for sponsors of self-insured health plans to pay the PCORI fee using IRS Form 720.  The fee, which is not tax deductible, equals $2 ($1 for plan years ending before October 1, 2013) multiplied by the average number of lives covered under the plan, which may be determined using one of three methods as provided in the instructions to Form 720.

Self-insured health plans, including retiree plans

(Insurers are responsible for paying the fee on behalf of insured plans.)

August 14

(within 45 days after the close of the second quarter of plan year)

Benefit Statements for Participant-Directed Plans

Deadline for plan administrator to send benefit statement for the second quarter of the plan year to participants in participant-directed defined contribution plans.

 

Defined Contribution Plans that allow participants to direct investments

 

Quarterly Fee Disclosure

Deadline for plan administrator to disclose fees and administrative expenses deducted from participant accounts during the second quarter of the plan year. Note that the quarterly fee disclosure may be included in the quarterly benefit statement or as a stand-alone document.

August 15

(the 15th day of the 8th month after the end of the plan year)

IRS Forms 990 and 990-EZ

Deadline for tax-exempt trusts associated with qualified retirement plans and voluntary employee beneficiary associations (VEBAs) to file Forms 990 or 990-EZ with the IRS for prior year if the trustee obtained a 3-month extension by filing a Form 8868.

Qualified Retirement Plans*

Voluntary Employee Beneficiary Associations

*Qualified Retirement Plans include all defined benefit and defined contribution plans that are intended to satisfy Code §401(a).    

The contents of this newsletter and any attachments are not intended to be and should not be relied upon as legal advice. In some jurisdictions, this may be considered "Attorney Advertising." If you are not currently on our Employee Benefits & Executive Compensation Practice mailing list under your own name, and you would like to join to receive our monthly Compensation & Benefits Insights publication and to receive notices of future programs and occasional commentaries on new legal developments in the industry, you can make that request by submitting your full contact information to CBI@kslaw.com.

Authors, Eleanor Banister, Atlanta, +1 404 572 4930, ebanister@kslaw.com and Ryan Gorman, Atlanta, +1 404 572 4609, rgorman@kslaw.com.

Topics:  Employee Benefits, Fees, Filing Deadlines, Form 720, Healthcare, Notice Requirements, PCORI, Penalties, Qualified Health Plans, Qualified Retirement Plans

Published In: Finance & Banking Updates, Labor & Employment Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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