Upcoming Employee Benefit Plan December Deadlines
This client alert follows up on our prior alerts entitled "Employee Benefit Plan Filing Deadlines." The following are the most common applicable filing deadlines (and/or "Heads Up" for coming deadlines) for December 2015 for calendar year plans:
December 1 - Deadline for the plan administrator of a group health plan or the insurer of group health plan, whichever is applicable, to provide a summary of benefits and coverage (SBC) to participants and beneficiaries when coverage renews.
December 1 - Deadline for a 401k plan administrator to provide the "safe-harbor" notice to participants of its intent to use a safe-harbor formula under its 401k plan plus a description of the safe-harbor matching or safe-harbor nonelective employer contribution formula.
December 1 - Deadline for a 401k plan administrator that has a qualified automatic contribution arrangement to provide a "QACA" notice to participants describing the automatic contributions that will be made on behalf of a participant unless otherwise elected by the participant.
December 1 - Deadline for a 401k plan administrator to provide each participant and each employee eligible to participate for 2016 an "EACA" notice if the plan has an eligible automatic contribution arrangement.
December 1 - Deadline for a defined contribution plan administrator to provide participants and beneficiaries a "QDIA" notice describing their right to direct the investments of accounts under investment alternatives under the plan and how such accounts will be invested in the default investment fund under the plan absent of a direction from the participant or beneficiary.
December 1 - Deadline for a defined contribution plan administrator to provide a diversification notice to participants who are eligible to divest employer securities in their accounts on January 1.
December 1 - The suggested deadline for plan administrators with EINs ending in "5" or "0" that have individualized qualified retirement plans to begin work on their IRS On-Cycle E filings, for a favorable determination letter.
December 15 - Deadline for a defined contribution plan administrator who had an extension to file its Form 5500 to distribute the summary annual report to participants and beneficiaries with respect to such Form 5500.
December 31 - Deadline for a 401k plan administrator to distribute 2014 excess contributions and excess aggregate contributions (both adjusted for income and losses) for failed ADP/ACP tests or, to make corrective contributions in order to pass such tests.
December 31 - Deadline for an employer to provide a Children's Health Insurance Program Reauthorization Act or "CHIPRA" notice to employees under group health plans in states that provide premium assistance under Medicaid or CHIP.
December 31 - Deadline for a group health plan to provide Women's Health and Cancer Rights Act or "WHCRA" notice regarding mastectomy benefits.
December 31 - Deadline for the plan administrator for a qualified retirement plan to distribute 2015 required minimum distributions (note: the first RMD for a participant who turned 70-1/2 in 2015 or for a participant other than a five percent owner, who retired in 2015 can be delayed until April 1, 2016).
December 31 - Deadline for the plan administrator of a single-employer defined benefit plan to revoke a previous election to use a funding balance to offset minimum required contributions for 2015 plan year, to the extent the election exceeded the full minimum required contribution for the year.
December 31 - Deadline for the plan administrator to adopt any discretionary amendments to qualified retirement plans.
December 31 - Deadline for an actuary to certify AFTAP under certain circumstances for a defined benefit pension plan.
(a) Please note that there are other deadlines which apply to the distribution of documents and notices to employees upon their employment or their termination of employment which are not addressed in this alert.
(b) As noted above, if any discretionary amendments to change provisions in qualified retirement plans are anticipated, such amendments should be on the drawing board now and must be signed by December 31.
(c) Also noted above, the upcoming deadline for an IRS filing for a favorable determination letter for an individualized qualified retirement plan in Cycle E (EINs ending in "0" or "5") is January 31, 2016, and work on such filings should be started soon.
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- Employee Benefits and Executive Compensation