Reminders for Second Quarter
Hard to believe, but the second quarter of the year is already well underway. To avoid any surprises, it’s important to keep certain deadlines on the radar and begin taking proactive steps now to ensure success.
Good Practice:
- Conduct nondiscrimination testing for Cafeteria Section 125, Self-Insured 105(h), and Dependent Care FSA Section 129 Plans
- Submit your January 1 Plan year data in the 5500 Dashboard for the Form 5500 to be on target for the July 31 deadline
- PCORI fee needed? The Form 5500 for January 1 Plans must be filed by July 31
- Many states have special extensions that end as of May 1. Check the list in our blog to see if any affect your clients. Reminder: Wrangle will not automatically use the special extension deadline. We need to hear from you first
Be Ready
Are there any plan changes that will affect the Wrap Plan Document in 2024? The Summary of Material Modifications (SMM) is due to participants 210 days after the end of the Plan Year in which the change is adopted. This would be for ones that were not a reduction of benefits. If, for instance, a benefit was removed, the deadline is 60 days after the change took effect. If this were January 1, the SMM for the participants was due at the end of February.
Is the Wrap Document five years or older? If so, a restatement of the Wrap would be recommended to update the document with current provisions and benefits.
For any questions, feel free to reach out to Ann McAdam at amcadam@wrangle5500.com.