Strategic Benefit Services

Friday, December 1, 2017

Key Retirement and Employee Benefits Compliance Reminders for December

Due December 1st

Deadline for participant notices, including safe harbor notice, QDIA notice, automatic contribution arrangement notice.

Due December 15th

Extended deadline for distributing Summary Annual Report to participants.

Due December 31st

Corrective distributions for failed ADP/ACP test for 2016 (10% excise tax applies).
QNEC contributions due for failed ADP/ACP test for 2016.
RMDs due (except for first time qualifying participants).
Last day to adopt discretionary plan amendments.
Deadline to convert or remove safe harbor status for 2018 plan year.

Download the full 2017 Retirement and Employee Benefits Compliance Calendar.

If you have any questions or would like to begin talking to an advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Monday, November 13, 2017

Strategic Benefit Services' Carol A. Idone Receives Prestigious SPARK Advisor Award

Vice President, Client Relationship Management and Consulting,

Honored for Leadership in "Plan Design & Administration Innovation"

Strategic Benefit Services (SBS) is pleased to announce that Carol A.Idone, CFP®, AIF®, Vice President, Client Relationship Management and Consulting, is the recipient of the 2017 SPARK Advisor Award: Plan Design & Administration Innovation.

Sobering News Around 2018 Mortality Tables

Effective January 1, 2018, the IRS will implement new mortality tables to be used by Defined Benefit plan sponsors. A number of important things could occur when these new tables take effect, none of which are good news. These include:

an increase in the plan liabilities;
an increase in the sponsor's minimum funding levels; and
an increase in the PBGC premiums.

Key Retirement and Employee Benefits Compliance Reminders for November

Due November 15th

Contributing entities making two reinsurance fee payments for 2016 must remit the second contribution payment.

Monday, October 30, 2017

Q3 Retirement Market Recap - Stocks Advance for the Eighth Consecutive Quarter

U.S. stocks, as measured by the S&P 500 Index, extended their gains for the eighth consecutive quarter, with the Index up 4.5%. The Index is up 18.6% for the one-year period through September 30, 2017.

The market shrugged off devastating hurricanes and political turmoil in Washington. In fact, the hurricanes stimulated demand for replacement cars and trucks, providing a welcome sales boost to that industry.

Read the Q3 Retirement Market Recap to learn more about the 3rd quarter stocks and bonds performance, and also review tips on "Understanding Stable Value Funds".

If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Monday, October 23, 2017

IRS Releases 2018 Retirement Plan Contribution Limits

The Internal Revenue Service (IRS) has recently released the contribution limits on Qualified Retirement Plans for 2018.

Strategic Benefit Services created a chart that details these contribution limits.

If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Sunday, October 1, 2017

Key Retirement and Employee Benefits Compliance Reminders for October

Due October 14th

Creditable Coverage Disclosure notices due to all Part D eligible individuals who are covered under, or apply for, the plan’s prescription drug coverage.

Due October 15th

Deadline for adopting a retroactive adjustment to correct 410(b) coverage or 401(a)(4) nondiscrimination failure for 2016.
Deadline for the distribution of Creditable Coverage Notices to employees and dependents that are enrolled in a group health plan that are eligible for Medicare

Due October 16th

Extended deadline for filing Form 5500.