june benefits deadlines

Checklist of July Plan Deadlines for Retirement, Medical, and Other Plans

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Fulcrum Partners is pleased to share the following report, prepared by the Employee Benefits group at Isler Dare PC: Checklist of July Plan Deadlines for Retirement, Medical, and Other Plans.

As July gets underway, we want to remind you of some key deadlines for benefit plans.


Contributions to Defined Benefit Pension Plans

Fund Q2 2021 contributions to defined benefit pension plans.


Summary Plan of Material Modifications

Prepare and distribute revised Summary Plan Descriptions or Summaries of Material Modifications reflecting material changes made to plans that were adopted and became effective in 2020.


File Necessary Forms

These are necessary forms needed for retirement, employee benefit and health and welfare plans.

  • File Form 720 and pay Patient-Centered Outcomes Research Institute (PCORI) fee of $2.54 per covered life for plan years ending between January 1 and September 30, 2020 (for self-insured medical plans)
  • File Forms 5500 and 8955-SSA for retirement plans, and Forms 5500 for health and welfare plans with more than 100 participants (or file Form 5558 to extend due date to October 15)
  • File Form 5330 to report excise taxes related to employee benefit plans for 2020 (e.g., late remittance of participant contributions, excess 401(k) plan contributions, etc.)

Distribute Annual Statements and Notices

You will need to distribute annual benefit statements to participants in non-participant-directed account retirement plans (e.g., Employee Stock Option Plans) unless Form 5558 has been filed to extend due date for Form 5500 until October 15; issue distribution forms to terminated participants

For defined pension plans with less than 100 participants, distribute an Annual Funding Notice (unless Form 5558 has been filed to extend due date for Form 5500 until October 15)

You should provide notice to terminated vested employees reported on Form 8955-SSA describing the amount of their vested benefits (unless Form 5558 has been filed to extend due date for Form 5500 until October 15)

Special Projects

You should be finalizing your health and welfare plan design for 2022, including permissive changes to flexible spending accounts (FSAs) for 2022, and other changes required under CAA-21, the Consolidated Appropriations Act.

It is time to prepare annual report of Benefits Committee to Compensation Committee or Board of Directors, if required by the Benefits Committee charter

You will need to work with retirement plan recordkeepers, auditors, health and welfare plan vendors on Forms 5500 for 2020.

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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