YearEnd Compliance Review COMPLIANCE SERVICES Overview 2018 2019
- Slides: 8
Year-End Compliance Review COMPLIANCE SERVICES
Overview » » » 2018 & 2019 Qualified Plans Limits Compliance Services Timeline Year-End Data Requirements Compliance Core Services Additional Non-Core Services
Qualified Plan Limits 2018 2019 Elective Deferral Limit 402(g) $18, 500 $19, 000 Catch-up Contribution Limit 414(v) $6, 000 Annual Additions Limit 415(c) $55, 000 $56, 000 Compensation Limit 401(a)(17) $275, 000 $280, 000 Highly Compensated Employee 414(q) $120, 000 $125, 000 Key Employee Officer Compensation 416(i) $175, 000 $180, 000 Social Security Taxable Wage Base $128, 400 $132, 900
Compliance Services Time Line Event Census data request packet Anticipated Date December 3, 2018 First follow-up e-mail January 15, 2019 Census data deadline January 31, 2019 Excess ADP/ACP refund deadline March 15, 2019 IRC § 402(g) letter (failures only) April 15, 2019 Second follow-up e-mail April 15, 2019 Census data deadline (QACA, EACA & Safe Harbor) April 30, 2019 Excess ADP/ACP refund deadline (EACA) June 30, 2019 IRS Form 5500 (if data rec’d by 04/01/18) July 14, 2019 IRS Form 5558 partial/extension letter July 31, 2019 IRS Form 5500 deadline July 31, 2019 IRS Form 5500 E-File reminder September 4, 2019 IRS Form 5500 E-File reminder October 3, 2019 IRS Form 5500 deadline w/extension Non-responsive client letter October 15, 2019 November 1, 2019 4
Year-End Data Requirements » Guaranteed testing results by March 15 th if all items below received by January 31 st – Census Data • Request census file via PSC (if applicable to your plan) • Compile/review census data • Upload census via PSC – Ownership Information (not applicable for 403(b) plans) • Ensure all owners are included • Ensure all family members of owners are included – Year-End Questionnaire • All answers for applicable services
Compliance Core Services » » » HCE/Key Determination Top Heavy Determination - for 401(k) plans only 414(s) Compensation Ratio Testing Plan Deferral Limits (HCE and NHCE) 402(g) monitoring 414(v) Age 50 Catch-Up Re-characterization 410(b) Coverage Testing 415(c) Annual Additions ACP non-discrimination testing for 403(b) plans ADP & ACP non-discrimination testing for 401(k) plans Email notification of testing results summary Plan Service Center delivery of results and storage
Compliance Core Services » Employer Contribution Verification – Match Verification for annual computation – Match limit monitoring (excess only) – Safe Harbor non-elective verification – Non-Elective monitoring (pro-rata and excess only) » E-File ready IRS Form 5500 Preparation – – Assist with auditor and plan sponsor questions Assist with responding to DOL/IRS inquiries Reconcile conversion assets - for 401(k) plans only 5500 Filling status » Other Compliance Services – On-Demand Compliance Testing – IRS Form 5330 excise tax reporting for refunds made after deadline
Additional Non-Core Services » Other Compliance Services – Revised testing due to revised plan census data – Multiple scenario allocations and illustrations – Assistance with self-correction methods – Benefit, Rights & Features (BRF) and 401(a)(4) testing – Assistance with late IRS Form 5500 filings (DFVC program) Compliance non-core services may incur additional fees.
