Click here to download 2022 DC Compliance Calendar (PDF) | Click here to download 2022 DB Compliance Calendar (PDF)

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Deadlines

January

February

March

April

May

June

July

August

September

Sep 23 -
Dec 31
Event Item 1
Sep 23 -
Feb 1
Event Item 2

October

November

December

Dec 4 -
Dec 31
Event Item 1

Quarterly Updates

Q1 Plan Sponsor Checklist

Year-End Data Request: Plan sponsors should submit plan year-end data for 2021 Non-Discrimination Testing and the 2021 Form 5500 to their plan service provider (this is usually submitted between January and the beginning of February, however, plan sponsors should check in with their service provider to confirm deadline dates). It is important to submit data timely as refunds may need to be processed for HCEs by the IRS deadline on March 15th in the event of a non-discrimination testing failure. If refunds are processed after the IRS deadline a 10% penalty will apply. Additionally, if your plan qualifies as a large plan, please contact your Independent Qualified Public Accountant (IQPA) to initiate the audit process required for the plan Form 5500. Typically a plan covering more than 100 participants at the beginning of the plan year is considered a large plan and will require a plan audit. However, if the plan meets the conditions of the 80 to 120 Participant Rule, it may file as a small plan. Under this rule, if the number of participants covered under the plan as of the beginning of the plan year is between 80 and 120, and a small plan annual report was filed for the prior year, the plan administrator may elect to file as a small plan.

Business Planning: Consider any changes to business and staffing needs that may affect the company retirement plan and inform your USICG consultant so they can assist you in evaluating your retirement plan needs (mergers/acquisitions, etc.). Please refer to the following Mergers & Acquisitions guide for additional information pertaining to mergers & acquisitions and retirement plans. >Click here

Tax Saver's Credit: Educate employees that fall within specific salary ranges on their qualification for an IRS tax savers credit (please refer to Q1 Employee Communications resources).

Plan Review: Work with USI and your plan recordkeeper to review 2021 year-end plan statistics and discuss goals for the retirement plan in 2022.

Education Strategy: Collaborate with USI and your plan recordkeeper to devise an employee education plan and communication calendar for 2022.

Q1 Plan Sponsor Literature & Education

Fiduciary Governance: The purpose of this communication is to provide some general principles regarding the plan governance structure for retirement plans.>Click here

Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans.>Click here

Market and Legal Updates: 
>Click here

Q1 Employee Communications

Tax Saver's Credit: an employee education literature piece regarding the IRS Tax Savers Credit that employees may qualify for if they fall within a certain salary range. >Click here

>A Better Way to Use Your Tax Refund: How to use your tax refund to help improve long-term financial well-being. 

>Understanding Your 401(k) Plan: This flyer provides information on the importance of reviewing retirement accounts periodically to evaluate whether appropriate investments and savings are being considered.

Q2 Plan Sponsor Checklist

2021 IRS Form 5500 & IRS Form 5558: Ensure all information for 2021 Form 5500 & IRS Form 8955-SSA preparation has been submitted in to your plan service provider. Plan sponsors with large plans (100 employees or more) should schedule a plan audit. If your plan requires a plan audit or you require more time to submit the Form 5500 & Form 8955-SSA, you should ensure that a Form 5558 will be filed by July 31, 2022 to enable you an extension to submit your final Form 5500 & Form 8955-SSA by October 15, 2022. If your plan requires a plan audit or you require more time to submit the form 5500, you should ensure that an extension will be filed by your plan service provider by July 31, 2022 to enable you to submit your final Form 5500 by October 15, 2022.

Non-Discrimination Testing Review: Review 2021 Non-Discrimination Testing Results with your USI Consultant and discuss whether mid-year testing or plan design changes like Automatic Enrollment or Safe Harbor should be considered. 

Schedule Employee Education Meetings: Discuss employee education meeting strategy/topics and best timing for scheduling meetings.

Q2 Plan Sponsor Literature & Education

Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans. >Click here

Market and Legal Updates: >Click here

Plan Sponsor Literature: Attention to Detail and Regulatory Changes Can Help Minimize Retirement Plan Errors - This literature piece notes the steps plan sponsors should take to help limit plan errors, correct plan deficiencies and mitigate audit risk. >Click here

Q2 Employee Communications

Beneficiary Designations - This education piece helps employees to understand the importance of having and maintaining beneficiary designations. >Click here

Investing Diversification - This education piece focuses on the importance of diversification. >Click here

Q3 Plan Sponsor Checklist

2021 IRS Form 5500 & IRS Form 8955-SSA: Plan sponsors are required to finalize their plan 2021 Form 5500 & IRS Form 8955-SSA and submit it into the IRS by July 31, 2022. If more time is required for a plan audit, plan sponsors should ensure that their plan provider will submit Form 5558 into the IRS by July 31, 2022 to ensure an extension will be granted. Once the extension has been filed, the new deadline date for submitting the 2021 Form 5500 & Form 8955-SSA will be October 15, 2022.

SMM: The Summary of Material Modifications (SMM) is a plan-language description of the material changes to the plan or SPD (Summary Plan Description). Plan Administrators must furnish the SMM or an updated SPD to each participant and beneficiary no later than 210 days after the end of the plan year in which the plan amendment is adopted (by July 29th for calendar year plans). Please consult with your provider or USI Consultant to determine whether an SMM or SPD needs to be distributed to participants for plan amendments that became effective in 2021.

Auto-Enrollment & Safe Harbor Plan Design Changes: Plan sponsors who wish to adopt automatic enrollment provisions or a safe harbor plan, effective January 1, 2022, should finalize discussions towards the beginning of October with USICG and their service provider to ensure sufficient time for amendments and annual notice distribution requirements. Please refer to the following Comparison of Safe Harbor and Auto Enrollment Options Chart to learn more information pertaining to these plan design options: >Click here

Fiduciary Training: Plan Fiduciaries should consider receiving Fiduciary Training from a USI Consulting Group ERISA Benefits Counsel periodically to review fiduciary responsibilities and best practices. If training has not already been scheduled, please contact your USICG Consultant to request access to training.

Q3 Plan Sponsor Literature & Education

Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans. >Click here

Market and Legal Updates: >Click here

Plan Sponsor Literature: Plan Sponsors Can Do More to Improve Retirement Readiness - This literature piece goes over the steps plan sponsors can take to help improve retirement readiness for their employees. >Click here

Q3 Employee Communications

Roth - If your 401(k) plan offers a Roth option you may want to provide this Q&A education piece to your employees to assist them in understanding how Roth contributions work. >Click here 

Reach/Budget - This literature piece discusses the importance of maintaining a budget to meet financial goals. >Click here

Reach/Loans - This education piece goes over what employees should consider prior to taking a 401(k) loan. >Click here

Save More - Encourages employees to save more in their retirement account to help achieve retirement planning goals. >Click here

Q4 Plan Sponsor Checklist

2021 IRS Form 5500 & IRS Form 8955-SSA Extension Deadline: Plan sponsors who were granted an extension to file the 2021 IRS Form 5500 & IRS Form 8955-SSA by filing a Form 5558 are now required to submit the final 2021 Form 5500 & Form 8955-SSA by October 15, 2022 (including auditor's report for large plans). Typically a plan covering more than 100 participants at the beginning of the plan year is considered a large plan and will require a plan audit. However, if the plan meets the conditions of the 80 to 120 Participant Rule, it may file as a small plan. Under this rule, if the number of participants covered under the plan as of the beginning of the plan year is between 80 and 120, and a small plan annual report was filed for the prior year, the plan administrator may elect to file as a small plan.

Annual Notices: Plan sponsors that have adopted plans with automatic enrollment or safe harbor provisions should contact their service provider to ensure annual notices are distributed 30-90 days prior to the beginning of the plan year. In addition, the participant notices noted below must be distributed by the following deadline dates:

Summary Annual Report (SAR) - The SAR for 2021 must be distributed to all participants by September 30, 2022 unless an extension was granted to file the 2021 Form 5500. If an extension was granted, the 2021 SAR will need to be distributed to all participants by December 15, 2022.

Annual 404(a)(5) Participant-Level Fee Disclosure - This disclosure is required to be distributed no later than 14 months from the last time it was distributed to participants (In 2014, the DOL granted a 2 month grace period after the 12 month required timeframe for distributing these disclosures).

Qualified Default Investment Alternative Notice (QDIA) - Plans containing a default fund that qualifies as a QDIA, are required to provide an annual notice 30-90 days prior to the beginning of the plan year in order for the default fund to be recognized as a QDIA by the DOL. The DOL will provide additional liability protection to plan sponsors as it relates to the plan default fund if it is designated as a QDIA.

403(b) Universal Availability Notice: An annual notice is required to be provided to all employees in 403(b) plans, except for Church plans.

2022 Discretionary Amendments: Amendments for plan design changes that became effective in 2022 need to be formally adopted by December 31, 2022. Plan sponsors should ensure they maintain executed copies of all plan amendments and restatements.

Mandatory Cash-outs, Forfeiture Accounts & ERISA Budgets: Plan sponsors should work with their providers to coordinate mandatory cash outs of small plan balances prior to year end. In addition, plan sponsors should review balances for their forfeiture account and ERISA Budget with their provider and USI Consultant to ensure they are utilized appropriately.

Q4 Plan Sponsor Literature & Education

Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans. >Click here

Market and Legal Updates: >Click here

Plan Sponsor Literature: Fiduciary Fundamentals for ERISA Plan Sponsors - This literature piece goes over the four basic fiduciary duties under ERISA that plan sponsors should adhere to. >Click here

404(c) Compliance: This communication provides information pertaining to 404(c) guidance for plan sponsors >Click here

Q4 Employee Communications

Understanding Tax Benefits: This education piece helps employees understand the importance of saving in their retirement plan to take advantage of tax deferred compounding. >Click here

Reach/November Budget: Budgeting tips to consider when planning for holiday shopping. >Click here

Reach/December Budget: Checklist to aid employees in meeting retirement and financial goals in the New Year. >Click here


Fiduciary Resources

Fiduciary Checklist - Checklist of- important considerations that Plan Fiduciaries should keep in mind. >Click here to download Fiduciary Checklist PDF

Investment Reviews - As noted in the Fiduciary Checklist it is important for plan sponsors to periodically monitor the investment options within the retirement plan. We help plan sponsors with this by providing periodic investment reviews and updates on the market. By logging into the USIA Website, clients will have access to client-specific investment review reports, investment policy statements, monthly market updates and detailed information regarding our consulting services and team. www.usiadvisorsinc.com

First-time users will need to register by clicking on the following link located on the website: New User Register - >Click Here.

When registering you will be required to enter in a Client ID Number. If you do not have your Client ID Number, please contact your USICG Account Manager. If you have any issues logging into the client-specific section of the website, please contact webmaster@usicg.com.

Reasons for Benchmarking Plan Fees - These literature pieces provide information on the importance of periodically benchmarking plan fees and services. Click the following for more information: >Support for Plan Fiduciaries | >What You Don't Know About 401(k) Fees Can Hurt You

Participant Notice Glossary and Inventory - These tools can aid plan sponsors in providing required participant notices throughout the plan year.  Click the following for more information: >Participant Notice Glossary | >Participant Notice Inventory

IRS Cost of Living Adjustments for 2022 - The Internal Revenue Service has announced annual cost-of-living adjustments applicable to pension and profit sharing plans, effective January 1, 2022. In accordance with legislative guidelines, these limitations are adjusted annually to reflect changes in the cost-of-living index. The guidelines are similar to those used to adjust Social Security benefits. Click the following for more information: >IRS COLA 2022

For plan sponsor use only.

Retirement plan sponsors are responsible for compliance with many ongoing reporting, disclosure and notice requirements. This Retirement Plan Compliance Calendar summarizes the major requirements that apply to Defined Contribution ("DC") plans for 2021. Due dates are based on a calendar year plan year and are applicable to plans subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Please contact your USI Consulting Group representative if you have questions regarding these requirements and their application to your plan(s).

* Dates shown assume a January 1 - December 31 plan year and calendar year tax years. IRS deadline extended to the next business day if due date falls on weekend or legal holiday (Internal Revenue Code Section 7503).
Initial Participant Fee Disclosure: Provide initial fee disclosure to newly eligible participants on or before the date the participant can first direct their investments.
Annual Participant Fee Disclosure: Provide annual fee disclosure to active participants. (Annual notice is required to be provided to participants within 14 months of the prior year notice)
Quarterly Participant Fee Disclosure: Provide quarterly fee disclosure to participants at least quarterly (every calendar quarter).
Disclosure of any change in fees: Provide disclosure of any change in fees to participants (as required - at least 30 days, but no more than 90 days prior to the effective date of the change).

 


This Calendar has been prepared for informational purposes only and is not designed to be a comprehensive analysis of any topic discussed herein and should not be relied upon as the only source of information. Neither USI nor its affiliates and/or employees/agents offer legal or tax advice. Prior to acting on this information, we recommend that you seek independent advice specific to your situation from a qualified legal/tax professional.

The information provided herein is general in nature and should not be considered legal advice. Consult an attorney regarding your plan's specific legal situation.