November Checklist of Compliance Deadlines for Retirement Plans and other Benefits

November 19, 2019

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Thank you, Isler Dare PC, for sharing this checklist, reminding employers of some of the key yearend compliance deadlines for health, welfare, and retirement plans.

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Last Week:

November 15, 2019. Confirm that your 401(k) plan recordkeeper has provided 3rd quarter benefit statements to participants, including fee disclosure information.

November 15, 2019. Distribute Summary of Benefits and Coverage (“SBC”) for each group health plan option that you offer. Also, provide the following documents if you haven’t already: updated Children’s Health Insurance Program (CHIP) notice; annual notice required under the Women’s Health & Cancer Rights Act; Medicare Part D notice; notice of “grandfathered plan status” under Affordable Care Act (ACA) (if applicable); Health Insurance Portability and Accountability Act of 1996 (HIPAA) notice of privacy practices for self-funded plans, or a statement describing the availability of the HIPAA notice of privacy practices; the Americans with Disabilities (ADA) wellness plan notice (if applicable); and notices required under ACA Section 1557 (if applicable).

November 15, 2019. File Form 990 returns for tax-exempt trusts or Voluntary Employees Beneficiary Association Plans (VEBAs), assuming Form 8868 was filed to extend due date.

Upcoming Deadlines:

November 30, 2019. Prepare and distribute a 401(k)/403(b) Plan Safe Harbor Notice describing the safe harbor matching or nonelective contributions that will be made in 2020. The annual notice is required to avoid the Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP) nondiscrimination testing requirements.

November 30, 2019. Prepare and distribute a 401(k)/403(b) Plan Automatic Enrollment Notice if your defined contribution plan includes an automatic enrollment feature. The notice must describe, among other items, the level of contributions that will be automatically deducted from each employee’s paycheck unless the employee makes an affirmative election to do otherwise.

November 30, 2019. Prepare and distribute a Qualified Default Investment Alternative (“QDIA”) Notice describing the QDIA, if your defined contribution plan provides that participants’ accounts will be invested in a QDIA unless they direct otherwise.

Related Updates:


#safeHarbor #deferredcomp #FulcrumPartners

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated herein.

Securities offered through Lion Street Financial, LLC (LSF) and Valmark Securities, Inc. (VSI), each a member of FINRA and SIPC. Investment advisory services offered through Lion Street Advisors, LLC (LSA) and Valmark Advisers, Inc. (VAI), each an SEC registered investment advisor. Please refer to your investment advisory agreement and the Form ADV disclosures provided to you for more information. VAI/VSI and LSF/LSA are non-affiliated entities and separate entities from OneDigital and Fulcrum Partners.

Unless otherwise noted, VAI/VSI, LSF/LSA are not affiliated, associated, authorized, endorsed by, or in any way officially connected with any other company, agency or government agency identified or referenced in this document.

Lion Street Advisors // Lion Street Financial

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