Is Your Existing Plan Compliant?

Do you have any past due Form 5500 filings? These are generally due 7 months after the close of the plan year. However, if you file a request for automatic extension by the original due date, you will have an additional 2 ½ months to file the return.  If, however, you miss the extended due date, the extension is void and the plan is considered delinquent from the original due date. A penalty may be assessed of up to $1,100 a day for each day a plan administrator fails to file a complete report.

DFVC. There is, however, a way to avoid these very expensive penalties. Through a program called, "Delinquent Filers Voluntary Compliance", (DFVC), you can get your delinquent plan fillings up to date for a fraction of the cost of what the penalties would be. We can guide you through the DFVC program and bring your plan up to date on all filing requirements.

Has Form 8955-SSA, Annual Registration Statement Identifying Seperated Participants With Deferred Benefits, been filed for each year it is applicable? In the past, the information on this form was filed as an attachment to form 5500. Now the information is filed on its own form and, in addition to this change, your plan may not have to file it each year, making it an easy return to forget.

Are there any delinquent plan loans? Qualified plans may allow loans from the plan if the plan has adopted a “loan policy”.  However, the loans must then be administered following the written policy. ERISA loan guidelines specify, among other things, that loan payments must be made no less frequently than quarterly. The loan is considered to be in default at the end of the first quarter following the quarter in which no payment is made.

Does your company sponsor a Welfare Benefit Plan? This would be any plan or program established for the purpose of providing medical, disability, or life coverage for your employees.

Are you aware that you may be required to file a 5500 report for a Welfare Benefit Plan? These are only a few of the issues which may cause you to run afoul of the IRS and/or DOL regulations. We can guide you through the often complex and confusing regulations and can assist you with dealing with the governmental agencies involved.

Have all of the fee disclosures required by the Department of Labor been provided to the plan participants? The plan sponsor/ administrator is required to provide fee disclosures to the plan participants each year beginning August 30, 2012, and then annually thereafter.


Let us help you with bringing your plan into compliance through one of the voluntary compliance programs.


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