March 17, 2020
In light of recent market volatility, we want to be sure you have access to a few resources for you and your retirement plan participants. If they have questions or concerns we are here to help with any requests or additional needs.
For Plan Sponsors:
–Coronavirus Concerns for 401(k) Plan Sponsors – (401k Specialist Article)
For Your Retirement Plan Participants:
–6 Tips to Navigate Volatile Markets (Fidelity Article)
–Markets Recover from Crisis (Putnam Article)
ARA Requests Some Plan Filing Deadlines be Delayed
Considering the ongoing and future business impacts of the coronavirus, the American Retirement Association (ARA) asked the Treasury and the DOL for relief from certain retirement plan filing deadlines. In particular, the ARA is asking for:
-An automatic extension to October 15 for filing of the Form 5500 series for retirement plans with calendar year plan years (with corresponding extensions for non-calendar year plan years).
-A 90-day extension to the deadline for correcting a failed ADP or ACP test and a 90-day extension of the period for distributing excess contributions and excess aggregate contributions under a plan (March 15 for a calendar year plan year) without incurring a 10% tax under Code Section 4979 for distributions after the statutory deadline.
-A 120-day extension of the defined benefit plan restatement deadline (currently April 30, 2020).
-A 90-day extension of the 1099-R e-filing deadline for employers (normally March 31, 2020).
-Reasonable relief from notices required to be provided to plan participants under Title I of ERISA.
We will update you when we find out more.
If you would like to speak to use or have any questions please email us at info@commonfinancialsense.com
