Fulcrum Retirement Deadlines Feb 2022.2

Retirement Deadline Checklist for February 2022

February 4, 2022

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Fulcrum Partners is pleased to share the following report, prepared by the Employee Benefits group at Isler Dare PC.

As we enter February, we want to help you keep a few retirement deadline checklist items in mind.

Deadline February 14, 2022

  • Confirm 401(k)/403(b) plan record-keepers have provided Q4 2021 quarterly statements to participants, including fee disclosure information

Deadline February 28, 2022

  • Confirm retirement plan recordkeepers have filed Forms 1099-R with the IRS (due March 31 if filing electronically)
  • File PBGC[i] Form 1-ES estimated premium payment (flat-rate premium for defined benefit pension plans with over 500 participants)
  • File 2021 ACA[ii] information returns (Forms 1094-C and 1095-C) with the IRS if not filing electronically

Special Projects

  • Hold quarterly meeting of the Benefits Committee to review your retirement plans and their 2021 year-end investment performance, fees, plan administration data, and plan operational issues. At the meeting, ask your retirement plan vendor when they will begin complying with the lifetime income illustrations (due no later than August 14th for participant-directed retirement plans)
  • If you have a pre-approved volume submitter or prototype 401(k) plan or other defined contribution plan, be sure that you are working with your plan document vendor to restate the plan on its “Cycle 3 restatement”, which is due no later than July 31, 2022
  • Obtain compensation disclosures from your health care brokers and consultants with respect to each of your group health plans, and review for reasonableness under the current good faith standard and temporary non-enforcement policy from the DOL
  • Work with your group health plan insurance carriers or self-funded plan administrators to ensure that they will be able to comply with data reporting and transparency requirements on July 1, 2022 (for certain machine-readable files) and December 27, 2022 (for certain medical claims and prescription drug data)
  • Work with FSA[iii]/125 plan recordkeepers or brokers to perform applicable non-discrimination testing, including 105(h), 125, and 129 testing for 2021 and projected testing for 2022
  • Review comparative analysis documentation of group health plan design and application of nonquantitative treatment limitations under the Mental Health Parity and Addiction Equity Act, first required in February 2021
  • Confirm No Surprises Act notice is publicly available and posted on company intranet (for self-insured plans) or insurance issuer website (for fully insured plans)

[i] Pension Benefit Guaranty Corporation

[ii] Affordable Care Act

[iii] Flexible Spending Account

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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