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Polsinelli - Labor and Employment Polsinelli - Employee Benefits and Executive Compensation
         
 

November 2014

 

Are You Forgetting Something?

 
 
             
 

For more information about this alert, please contact:

 

Hannah R. DeLuca

816.572.4568

hdeluca@polsinelli.com

 

Roxanne Nydegger

816.572.4488

rnydegger@polsinelli.com

 

Employee Benefits and Executive Compensation Leaders:

 

W. Andrew Douglass

Practice Area Chair

312.873.2933

adouglass@polsinelli.com

 

William P. Sweeney

Practice Area Vice Chair

312.873.3664

wsweeney@polsinelli.com

 

 

Learn more about our Employee Benefits and Executive Compensation practice, or to contact one of our Employee Benefits and Executive Compensation attorneys, click here.

 

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The fourth quarter can be a hectic time of year for any business owner and that feeling can be exacerbated if you are also the sponsor of a qualified retirement plan or health and welfare benefit plan. That said, taking inventory of the various deadlines for these plans can give peace of mind to managers and ensure that your organization avoids potential fines and penalties, as well as participant complaints or other governmental action.

See the links below for highlights of the qualified plan and health and welfare benefit plan year-end compliance deadlines. This list is not exhaustive, but should give plan sponsors some things to think about as we approach the end of the year.

Qualified Plan Administrative and Compliance Deadlines (based on calendar year plan)

Health and Welfare Benefit Plan Administrative and Compliance Deadlines

Are Your Plans Subject to These Deadlines?

A retirement plan that meets the requirements of Internal Revenue Code Section 401(a) and the Employee Retirement Income Security Act of 1974 (ERISA) is known as a "qualified plan." Qualified plans are eligible for favorable tax treatment – they allow employers to deduct annual contributions for participants and contributions and earnings on those contributions are tax-deferred until withdrawn by the participants. A plan that fails to meet the Code and ERISA requirements runs the risk of losing these tax benefits and subjecting the sponsoring employer to potential claims, fines and penalties. Qualified retirement plans include: defined benefit plans, defined contribution plans, profit sharing plans, 401(k) plans, money purchase plans, and employee stock ownership plans.

Sponsors of health and welfare benefit plans are also faced with year-end compliance obligations. The enactment of the Patient Protection & Affordable Care Act (ACA) brought with it new requirements to be taken by health plan sponsors each year with many to be accomplished by the end of 2014. In addition to the ACA requirements are the typical reporting and notice tasks encountered every year. Health and welfare benefits plans include, among other types of plans: health, dental, accidental death and dismemberment, disability, health reimbursement accounts, and flexible spending accounts, although most of the requirements above simply apply to health plans.

Click here to download the full alert.

For More Information

The qualified retirement plan and health and welfare benefit plan compliance process can be overwhelming. If any of the deadlines above apply to you or you are unsure what other deadlines might apply to your particular situation, please consult with one of the authors of this alert, or a member of Polsinelli's Employee Benefits practice, to determine what you should do.

 
             

             
 

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ABOUT POLSINELLI

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Polsinelli is a first generation Am Law 100 firm serving corporations, institutions, entrepreneurs and individuals nationally. Our attorneys successfully build enduring client relationships by providing practical legal counsel infused with business insight, and with a passion for assisting General Counsel and CEOs in achieving their objectives. Polsinelli is ranked 18th in number of U.S. partners* and has more than 740 attorneys in 19 offices. Profiled by The American Lawyer and ranked as the fastest growing U.S. law firm over a six-year period**, the firm focuses on healthcare, financial services, real estate, life sciences and technology, energy and business litigation, and has depth of experience in 100 service areas and 70 industries. The firm can be found online at www.polsinelli.com. Polsinelli PC. In California, Polsinelli LLP.

* Law360, March 2014
** The American Lawyer 2013 and 2014 reports

 
 
             
 

Polsinelli provides this material for informational purposes only. The material provided herein is general and is not intended to be legal advice. The choice of a lawyer is an important decision and should not be based solely upon advertisements.

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