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2017 Compliance Calendar for Defined Contribution Plans

Consult your plan’s counsel or tax advisor regarding these and other items that may apply to your plan. This information is not intended as authoritative guidance or tax or legal advice. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

For Plan Sponsor Use Only – Not for Use with Participants or the General Public.

Click for full 2017 Compliance Calendar.

July

  • 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).

August

  • 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.

September

  • Send a reminder memo or email to all employees to encourage them to review and update, if necessary, their beneficiary designations for all benefit plans.
  • Begin planning an internal audit of participant loans granted during the first six months of the year. Check for delinquent payments and verify that repayment terms and amounts borrowed do not violate legal limits (calendar-year plans).

  • Distribute the plan’s Summary Annual Report by September 30 to participants and beneficiaries, unless an extension of time to file Form 5500 applies (calendar-year plans).