Posts Tagged ‘payroll’

January Plan Sponsor Checklist

Tuesday, December 18th, 2018

January Plan Sponsor Checklist

JANUARY PLAN SPONSOR CHECKLIST:

• Send payroll and employee census data to the plan’s recordkeeper for plan-year-end compliance testing (calendar-year plans).

• Audit fourth quarter payroll and plan deposit dates to ensure compliance with the Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments.

• Verify that employees who became eligible for the plan between October 1 and December 31 received and returned an enrollment form. Follow up for forms that were not returned.

October Checklist

Wednesday, September 26th, 2018

  • Audit third quarter payroll and plan deposit dates to ensure compliance with the Department of Labor’s rules regarding timely deposit of participant contributions and loan
  • Verify that employees who became eligible for the plan between July 1 and September 30 received and returned an enrollment Follow up for forms that were not returned.
  • For calendar year safe harbor plans, issue the required notice to employees during October or November (within 30 to 90 days of the beginning of the plan year to which the safe harbor is to apply). Also, within the same period, distribute the appropriate notice if the plan features an EACA (Eligible Automatic Contribution Arrangement), QACA (Qualified Automatic Contribution Arrangement) and/or QDIA (Qualified Default Investment Alternative).

What To Do In August

Thursday, August 2nd, 2018

• Begin preparing for the distribution of the plan’s Summary Annual Report to participants and beneficiaries by September 30, unless a Form 5500 extension of time
to file applies (calendar-year plans).
• Submit employee census and payroll data to the plan’s recordkeeper for mid-year compliance testing (calendar- year plans).
• Confirm that participants who terminated employment between January 1 and June 30 elected a distribution option for their plan account balance and returned their election form. Contact those whose forms were not received.

Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan.

What To Do in July

Tuesday, July 3rd, 2018

 

  • Conduct a review of second quarter payroll and plan deposit dates to ensure compliance with the Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments.
  • Verify that employees who became eligible for the plan between April 1 and June 30 received and returned an enrollment form. Follow up for forms that were not returned.
  • Ensure that the plan’s Form 5500 is submitted by July 31, unless an extension of time to file applies (calendar-year plans).

Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan.