retirement plan benefits

Retirement Plan Benefits and Other Benefits Checklist for July 2022

June 28, 2022
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Fulcrum Partners, a OneDigital Company, shares retirement plan benefit deadlines for July 2022, as prepared by the Employee Benefits group at Isler Dare PC.

Can you believe we are midway through 2022? As we enter the month of July, we’re sharing key retirement plan benefits and other benefit deadlines you’ll want to stay on top of, knowing that July is always a busy month.

Benefits Deadline July 1, 2022

  • Work with health plan insurance carrier or third-party administrator (TPA) for self-funded health plan to publish, or make available, machine-readable files of health care information regarding in-network provider rates, historical out-of-network allowed amounts, and prescription drug pricing

Retirement Plan Benefits Deadline July 15, 2022

Health Plan Benefits Deadline July 29, 2022

  • Distribute revised Summary Plan Descriptions (SPDs) or Summaries of Material Modifications (SMMs) reflecting material changes made to plans that were adopted and became effective in 2021 (unless updated SPDs or SMMs for a group health plan were required to be provided earlier due to a material reduction in covered services)

Retirement Plan Benefits & Other Benefits Deadline July 31, 2022

  • File Form 5330 to report excise taxes related to employee benefit plans for 2021 (e.g., late remittance of participant contributions, excess 401(k) plan contributions, etc.)
  • Deadline to adopt “Cycle 3” restatement of pre-approved defined contribution plan document
  • File Form 720 and pay PCORI[i] fee of $2.66 per covered life for plan years ending between October 1, 2020 and September 30, 2021 (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)
  • Distribute annual benefit statements to participants in non-participant-directed account retirement plans (e.g., ESOP[ii]s) unless Form 5558 has been filed to extend due date for Form 5500 until October 15; issue distribution forms to terminated participants
  • Distribute Annual Funding Notice for defined benefit pension plans with less than 100 participants (unless Form 5558 has been filed to extend due date for Form 5500 until October 15)
  • 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)

Finally, Your Special Projects

  • Finalize health and welfare design for 2023, including permissive changes to FSA[iii]s for 2023, and other changes required under CAA21[iv]
  • Prepare annual report for Benefits Committee to Compensation Committee or Board of Directors, if required by the Benefits Committee Charter
  • Work with retirement plan recordkeepers and auditors on Forms 5500 for 2021
  • Work with health and welfare plan vendors on Forms 5500 for 52021

[i] Patient-Centered Outcomes Research Institute

[ii] Employee Stock Ownership Plans

[iii] Flexible Spending Account

[iv] Consolidated Appropriations Act 2021


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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