Peter Gulia Posted June 11, 2020 Share Posted June 11, 2020 Does anyone have a count of how many notices, statements, reports, and other disclosure items an individual-account retirement plan furnishes (or ought to have furnished) in a typical year? Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
C. B. Zeller Posted June 11, 2020 Share Posted June 11, 2020 Let's make a list. A lot of them are conditional depending on plan design. SAR (if not subject to Title IV) AFN (if subject to Title IV) Benefit Statement (4x per year if participant-directed DC plan, 1x per year if not participant-directed, 1x per 3 years if DB plan) For a participant-directed plan, the benefit statement might include the additional information required by ERISA 105(a)(2), or it could be furnished in separate notice(s) Safe Harbor Notice (if a safe harbor 401(k) plan) QDIA Notice (if plan uses a QDIA) EACA Notice (if an EACA) QACA Notice (if a QACA) What else am I missing? Luke Bailey and Dave Baker 2 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co Link to comment Share on other sites More sharing options...
Peter Gulia Posted June 11, 2020 Author Share Posted June 11, 2020 Thanks. C.B. Zeller starts us with, for an individual-account (defined-contribution) retirement plan with participant-directed investment, about eight or nine items. I add a 404a-5 notice, making it nine or ten. What have we missed? Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
Lois Baker Posted June 11, 2020 Share Posted June 11, 2020 There is a whole host of "Compliance Calendars" in the BenefitsLink news archive -- maybe a quick run through one or more of those would help? Here are a few (and for differing types of plans): https://benefitslink.com/news/index.cgi/view/20200127-155620 https://benefitslink.com/news/index.cgi/view/20200127-155621 https://benefitslink.com/news/index.cgi/view/20200226-156243 (There are more, and by different authors ... the search engine should find a few.) Luke Bailey 1 Link to comment Share on other sites More sharing options...
BG5150 Posted June 11, 2020 Share Posted June 11, 2020 Again, conditional: 402(f) Notice for distributions, SMM/SPD for amendments. Luke Bailey 1 QKA, QPA, CPC, ERPATwo wrongs don't make a right, but three rights make a left. Link to comment Share on other sites More sharing options...
C. B. Zeller Posted June 11, 2020 Share Posted June 11, 2020 Another one that might apply on an annual basis is an ERISA 101(j) notice for a plan that is subject to benefit restrictions due to its funded status. Luke Bailey 1 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co Link to comment Share on other sites More sharing options...
Gadgetfreak Posted June 11, 2020 Share Posted June 11, 2020 408b2 and 404a5 Luke Bailey 1 ERPA, QPA, QKA Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted June 12, 2020 Share Posted June 12, 2020 Typical year might vary depending on the number of participants. If you have 50 participants, there are notices and disclosures that will probably not be triggered every year, or even every other year. If you have 1,000 or more, those rare notices and disclosures for the 50 participant plan may happen at least once per year. SAR SPD SMM QDIA Annual 404a-5 disclosure and Investment Comparative Chart Changes in investment alternatives Changes in fees charged to participant accounts (404a-5) Changes in fees (408b-2) Quarterly 404a-5 QACA EACA Annual benefit statement 404(c) Promissory note for particpant loans Truth in lending disclosure (still applies to some loans right?) QDRO procedure upon request QDRO notice (DRO received is qualified or not qualified) Mapping notice black out notice AFN, accrued and vested benefits, 204h, failure to meet minimum funding, funding based limitations [Im sure there are more, I admit I rely heavily on the actuaries to handle the DB related stuff....] Link to comment Share on other sites More sharing options...
Erik Read Posted June 12, 2020 Share Posted June 12, 2020 To further the conversation and concept - which of these can be provided electronically, versus which are required distribution via mail? Oh - and let's add the ERISA Desk log to confirm individuals included in the correspondence in the event of a DOL audit. __________________ Erik Read, APR CKC Link to comment Share on other sites More sharing options...
Peter Gulia Posted June 12, 2020 Author Share Posted June 12, 2020 Thank you, everyone, for crowd-sourcing these lists. To answer Erik Read’s query: A retirement plan’s administrator may, beginning July 27, furnish routine* ERISA-required disclosures under the Labor department’s Default Electronic Disclosure rule. (There are distinctions between which can be included in a yearly notice of internet availability, and which require a distinct pointer or delivery.) Further, some guess the Treasury might publish a rule or subregulatory guidance to say Labor’s regime is good enough for notices tax law requires (for whatever Treasury’s guidance doesn’t yet allow). * The ERISA rule does not provide its safe-harbor treatment for furnishing on-request items. However, some consider it reasonable to respond to an emailed request with an email response. A response might state the administrator’s presumption that it need not send a paper copy for a document furnished as a .pdf attached to an email. Peter Gulia PC Fiduciary Guidance Counsel Philadelphia, Pennsylvania 215-732-1552 Peter@FiduciaryGuidanceCounsel.com Link to comment Share on other sites More sharing options...
RatherBeGolfing Posted June 12, 2020 Share Posted June 12, 2020 45 minutes ago, Peter Gulia said: * The ERISA rule does not provide its safe-harbor treatment for furnishing on-request items. The big development here was to default to electronic without consent. Part of the reasoning being that it is difficult/inconvenient to get an affirmative election from a large number of people. Presumably, you dont need to default to electronic delivery for a document that is available only by request. Link to comment Share on other sites More sharing options...
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