EGTRRA Restatement Deadlines - DATAIR

EGTRRA Restatement Deadlines Prototype and Volume Submitter Documents: DC Plans: April 30, 2010. DB Plans: December 31, 2011.

Individually Designed Plan Documents (both DB and DC). Staggered schedule based on last digit of employer’s EIN:

Cycle A: 1 or 6 = 1/31/07 Cycle C: 3 or 8 = 1/31/09

Cycle B: 2 or 7 = 1/31/08 Cycle D: 4 or 9 = 1/31/10 Cycle E: 5 or 0 = 1/31/11

2008 - 2009 Annual Dollar limits

Credentialed Education Programs

ASPPA: Qualified Plan Financial Consultant (QPFC), Qualified 401(k) Administrator (QKA), Qualified Pension Administrator (QPA), Certified Pension Consultant (CPC) NIPA: Accredited Pension Administrator (APA), Accredited Pension Representative (APR), Distribution Administrator Certificate SOA: Associate of the Society of Actuaries (ASA), Fellow of the Society of Actuaries (FSA), Chartered Enterprise Risk Analyst (CERA) Joint Board: Enrolled Actuary (EA) IRS: Enrolled Agent (EA) IFEBP: Certified Employee Benefit Specialist (CEBS) ECFC: Certified in Flexible Compensation (CFC)

DATAIR’s Support Announcements & Discussion Forums Use these steps to receive email notices of software updates and webinars, and to chat with other DATAIR users:

1. Go to www.datair.com/forums 2. If you already have a Forums account go to step 7; otherwise, click “Register Here.” 3. Click “Agree.” 4. Complete at least items with red asterisks and click “Submit” (store your user name and password in a safe place!) 5. Receive email from [email protected] and click on the second link (or cut & paste the link into your browser). 6. Click “Back to Forum” on page announcing that your registration is completed. 7. Enter user name and password, then login. 8. Click the right-most icon on the first row. You will receive a pop-up notification that you are now subscribed. You may also subscribe to any of the other Forums (rows) that are of interest.

Tips For Effective Practice Management

1. Set guidelines for the services you offer and the types of clients you will serve. Keep to your plan! 2. Establish an engagement letter for your clients delineating mutual responsibilities and extra cost services. 3. Develop standard work papers and procedures. One administrator must be able to pick up the work of another! 4. Encourage/enforce continuing education in your office. Watch DATAIR, ASPPA and NIPA webinars. 5. Read DATAIR’s Release Notes with every system update and contact support for any clarification. 6. Be prepared for disaster: Frequent off-site storage of backup files and office-sharing agreement with a competitor.

Backing Up and Restoring Data

The easiest way we know to lose clients is to lose their data! We cannot emphasize too strongly the importance of backing up your data frequently, storing the backup off-site, and regularly testing your backup to be sure it can be retrieved. Please read our articles: Technology Recommendations and Backing-up Your SQL Database at www.datair.com/technology.htm. Also see our article on verifying that your backup works

Pension & Benefits Reference Library

ASPPA: The ERISA Outline Book, by Sal M. Tropodi (print and online); contact (703) 516-9300 CCH: Pension Plan Guide, (print, CD and online); contact (800) 344-3734 RIA: Pension and Benefits Advisor on Checkpoint (online); contact (800) 950-1216 Aspen Publishers: 5500 Preparers Manual (print), by Janice Wegesin; contact (800) 638-8437 EBIA: Cafeteria Plans Manual (print); contact (866)775-3242 BenefitsLink: Newsletter (Retirement and Health & Welfare editions) (email) free; contact www.benefitslink.com

Financial Advisor Credentialed Programs

Certified Financial Planner Board of Standards Inc.: Certified Financial Planner (CFP) The American College: Chartered Financial Consultant (ChFC), Chartered Life Underwriter (CLU) NASAA & FINRA: Series 63, Uniform Securities Agent State Law Examination (for broker-dealer representatives) NASAA & FINRA: Series 65, Uniform Investment Adviser Law Examination (for RIAs) FINRA: Investment series exams (Series 6 for variable contracts, Series 7 for all securities products)

Cafeteria Plan Glossary

FSA: Flexible Spending Account — Allows participants, spouses and dependents to pay for medical services and products on a pre-tax basis.

DCAP: Dependent Care Spending Account — Allows participants to pay for child and elder day care services on a pre-tax basis.

POP: Premium Only Plan — Arrangement for participants to pay their share of benefits premiums on a pre-tax basis.

HRA: Health Reimbursement Account — Employer funded (no employee deferrals) to pay participant health care claims on a pre-tax basis.

HSA: Health Savings Account — Funded by employee and/or employer to pay claims pre-tax. Insurance must be a High Deductible Health Plan.

Sec. 132(f): Transportation Reimbursement Plan — Reimbursement for mass transit, parking, bicycle and other commuting expenses.

Cafeteria Plan Discrimination Tests

1. 125 General Eligibility Test — All employees are eligible (no one is excluded from participation).

2. 25% Dependent Care Test — “Concentration Test” no more than 25% of DCAP benefits are provided to HCEs.

3. 25% Nondiscrimination Test — “Concentration Test” no more than 25% of non-taxable benefits are provided to Key Employees. 4. 55% Average Benefit Test — average DCAP benefits received by NHCEs are at least 55% of the average benefits received by HCEs.

5. MFSA Test — 70% test, 70%/80% test, fair cross-section test.

Note: Application of tests vary according to plan and census specifics; contact DATAIR support if you are unsure.

Sun Mon Tue Wed Thu Fri Sat

1

NEW YEAR’S DAY

DATAIR Closed

2

DATAIR Closed

3

4 5 6 7 8 9 10

11 12 13 14 15

Quarterly DB

contributions

16 17

18 19

DR. MARTIN

LUTHER KING, JR.

DAY

20 21 22 23 24

25 26 27 28 29

L.A. Benefits

Conference

30

L.A. Benefits

Conference

31

Cycle C submission (EGTRRA IDPs).

January 2009

Federal Bank Holidays and DATAIR closings are in black.

Compliance dates are in blue.

Conference dates are in red.

Note that compliance dates are based on calendar plan years.


1 2

1099-Rs to employees

& beneficiaries. Form

945 for withholding

on pensions, annuities

& IRAs for 2008.

3 4 5 6 7

8 9 10

Form 945, if no

payment due.

11

12 13 14

15 16

PRESIDENTS’ DAY

17 18 19 20 21

22 23 24 25 26 27 28

PBGC estimated

premium: Form 1-ES.

February 2009

March 2009


1 2

1099-R and 1096 IRS

Paper Filing due.

3 4 5 6 7

8 9 10 11 12 13

Return Excess

Contribution to HCEs.

14

15 End of 2½ month Grace Period (§125).

16

Corporate tax filing or

extension.

Application for

waiver of Minimum

Funding Standard.

17 18 19 20 21

22

ASPPA 401(k)

Summit (San Diego)

23

ASPPA 401(k)

Summit (San Diego)

24

ASPPA 401(k)

Summit (San Diego)

25 26 27 28

29

Enrolled Actuaries

Conference

(Washington, DC)

30

Enrolled Actuaries

Conference

(Washington, DC)

31

Enrolled Actuaries

Conference

(Washington, DC)

31—End of 90-day run-out (§125). SPDs for 1/1 entry participants. 1099-R electronic IRS fil-

ing. Excise tax: late 2007 ADP/ACP correction. PPA AFTAP Certification due.

Conference continued April 1.


1

Enrolled Actuaries

Meeting

(Washington, DC)

2 3 4

5 6 7 8 9 10

DATAIR closed

12:00 p.m.

11

12 13 14 15

Quarterly DB

contributions. Return

402(g) Excess

Deferrals. Tax Day!

16 17 18

19 20

ASPPA Great Lakes

Benefits Conference

(Chicago)

21

ASPPA Great Lakes

Benefits Conference

(Chicago)

22 23 24 25

26

NIPA Annual Forum

& Expo (Las Vegas)

27

NIPA Annual Forum

& Expo (Las Vegas)

28

NIPA Annual Forum

& Expo (Las Vegas)

29

NIPA Annual Forum

& Expo (Las Vegas)

30

2008 PBGC premium due for DB plans (less than 100 employees).

2008 PBGC amended VRP premium reconciliation due for plans with

at least 100 employees. 2009 PBGC Est. flat rate premiums due for

plans with at least 500 employees.

April 2009

1— 401(a)(9) RMD (70½) 1st payment.


1 2

3 4 5 6 7 8 9

10

11 12 13 14 15 16

17 18 19 20 21 22 23

24 25

MEMORIAL DAY

26 27 28 29 30

31

May 2009


1 2 3 4 5 6

7 8 9 10 11 12 13

14 15 16 17 18 19 20

21 22 23 24 25 26 27

28

ASPPA Western

Benefits Conference

(Denver)

29

ASPPA Western

Benefits Conference

(Denver)

30

ASPPA Western

Benefits Conference

(Denver)

June 2009

30 — Plan Funding Notice deadline for DB plans covering 100 or more participants.

Conference continued July 1.


1

ASPPA Western

Benefits Conference

(Denver)

2 3

DATAIR Closed

4

INDEPENDENCE

DAY

5 6 7 8 9 10 11

12 13 14 15

Quarterly DB

Contributions

16

ASPPA’s Northeast

Area Benefits

Conference (Boston)

17

ASPPA’s Northeast

Area Benefits

Conference (New

York City)

18

19 20 21 22 23 24 25

26 27 28 29 30 31

Form 5500/5558

Filing. Excise Tax

due for prohibited

transactions (Form

5330).

31 — Plan Funding

Notice due for DB

plans with less than

100 participants

July 2009


1

2 3 4 5 6 7 8

9 10 11 12 13 14

ACOPA Annual

Conference

15

ACOPA Annual

Conference

16 17 18 19 20 21 22

23 24 25

ICPAS Midwest

Accounting &

Finance Showcase

(Rosemont, IL)

26

ICPAS Midwest

Accounting &

Finance Showcase

(Rosemont, IL)

27 28 29

30 31

August 2009


1 2 3 4 5

6 7

LABOR DAY

8 9 10 11 12

13 14 15

Form 5500, if on

corporate extension.

Minimum Funding

Contribution.

16 17 18 19

20 21 22 23 24 25 26

27 28 29 30

SAR distributed (if

5500 not extended).

Final deadline: PPA

AFTAP Certification

September 2009


1

2 3

4 5 6 7 8 9 10

11 12

COLUMBUS DAY

13 14 15 2009 PBGC

premiums due: flat

and variable rate for

mid-sized plans; vari-

able for large plans

16 17

18 19 20 21 22 23 24

25 26 27 28 29 30 31

DATAIR Annual

User Group meeting

Washington, D.C.

October 2009

15—Final deadline for 5500s. Final contributions (non-corporations). Quarterly DB

contributions. Final 2008 PBGC Premium. Deadline: 2008 410(b) failure amendment.


1

ASPPA Annual

Conference

(Washington, DC)

2

ASPPA Annual

Conference

(Washington, DC)

3

ASPPA Annual

Conference

(Washington, DC)

4

ASPPA Annual

Conference

(Washington, DC)

5 6 7

8 9 10 11

VETERANS’ DAY

12 13 14

15

SAR distributed (if

corporate extension).

16 17 18 19 20 21

22 23 24 25 26

THANKSGIVING

DATAIR Closed

27

DATAIR Closed

28

29 30

2008 Summary

Annual Report

provided to

participants

November 2009


1

2009 Safe Harbor

notice and 2008

Supplemental Safe

Harbor notice.

2 3 4 5

6 7 8 9 10 11 12

13 14 15

SAR distributed (if

5500 extension).

Underfunded Plan

Notice.

16 17 18 19

20 21 22 23 24

DATAIR Closed

12:00 p.m.

25

CHRISTMAS DAY

26

27 28 29 30 31

Return of 2008 Excess Contributions. Alternative notice for DB statements. Required minimum distributions due.

December 2009

31— Deadline for adoption of 403(b) plan

Documents.

Deadline for adoption of Form 8905 by

Cycle C IDP plan sponsors in order to

indicate intent to adopt a Pre-approved

plan.