January 2017 HR Alert | First Quarter Compliance Calendar for Retirement and Health and Welfare Plans

Happy 2017 from Hall Benefits Law!

First Quarter Compliance Calendar for Retirement and Health and Welfare Plans
Employers and plan sponsors must comply with various reporting and notice deadlines for their retirement and health and welfare plans. To avoid costly penalties and excise taxes, employers must remain up-to-date with respect to benefit plan reporting and notice deadlines. The calendar below provides first quarter (January – March) key reporting and notice deadlines for calendar year benefit plans (the deadlines are different for a benefit plan with a non-calendar year plan year).  Please note that this calendar does not include all applicable reporting and notice deadlines, just some of the common ones.
Deadline Document/Item Description Plans Affected
January 31 IRS Form W-2 (must report value of health coverage) Deadline for employer to report the aggregate cost of applicable employer-sponsored health coverage on each employee’s Form W-2. The cost of coverage includes health and prescription drug coverage and health flexible spending account (FSA) value for the plan year (but only the amount in excess of the employee’s cafeteria plan salary reduction).  Long-term care insurance, HRA contributions and certain stand-alone dental or vision coverage is not required to be reported. Health and Welfare Plans
February 1  IRS Form 5300
Cycle Filings
Deadline for filing a Determination Letter request according to a five-year cycle based upon the last digit of the plan sponsor’s employer identification number (EIN).  Qualified Retirement Plans
IRS Form 1099-R Deadline for payer (i.e., employer, trustee or custodian) to issue IRS Form 1099-R to participants and beneficiaries who received a retirement plan distribution (including direct rollovers, periodic annuities, pension payments, excess deferrals or excess contributions). Qualified Retirement Plans
February 28 (paper forms)

March 31 (electronic forms)

IRS Form
Deadline for payer to file Form 1099-R with the IRS for 2016 retirement plan distributions. Form 1096 should be filed with Form 1099-R if it is a paper filing. If the forms are filed electronically, the deadline can be extended until March 31. Qualified Retirement Plans
March 15
(2 ½ months after the end of the plan year)
Deadline for plan to distribute excess contributions and earnings from the prior year to avoid 10% excise tax on employer (other than eligible automatic contribution arrangements (EACA’s)). 401(k) Plans Other Than EACA’s
Other DOL, IRS, ACA Reporting and Notice Deadlines
Deadline Document/Item Description Plans Affected
Upon enrollment and annually thereafter Women’s Health and Cancer Rights Act (WHCRA) Notice Deadline for providing a description of benefits available under WHCRA (and applicable deductibles and coinsurance limits for such benefits). Health and Welfare Plans that provide mastectomy benefits
Not less than 30 or more than 180 days prior to the initial payment starting date Notice of Eligible Rollover Distribution Deadline for notice explaining eligible rollover distribution to an eligible retirement plan (i.e., an IRA, §403(b), §457(b) or §401(a) plan) and mandatory withholding requirements. Qualified Retirement Plans
Affordable Care Act (ACA)
Not less than 30 days before coverage may be rescinded Notice of Rescission Deadline for plan administrator (for self-insured plans) or plan sponsor or insurer (for fully insured plans) to provide written notice of retroactive termination of health coverage due to fraud or intentional misrepresentation of material facts by a participant. Health and Welfare Plans

Please note that for purposes of this calendar, “Qualified Retirement Plans” means all defined benefit and defined contribution plans that are intended to satisfy Code Section 401(a) and “Retirement Plans” means all employee pension plans defined in ERISA 3(2).

Hall Benefits Law recommends that you consult with ERISA legal counsel to assist you with any questions you may have regarding compliance with the first quarter reporting and notice obligations listed above and any other reporting and notice requirements (i.e., COBRA and HIPAA) for your employee benefit plans.

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