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Market Volatility Resources for Retirement Plan Sponsors & Participants

March 18, 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:

For Your Retirement Plan Participants:

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 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.

- Joshua M. Kopec AIF®, CPFA and Grant Macuba, AIF®, CPFA 

Josh's contact info: | 630.687.6415

Grant's contact info: | 630.737.9095