Plan Sponsor's Quarterly Calendar

April

  • If a plan audit is required in connection with Form 5500, make arrangements with an independent accountant/auditor for the audit to be completed before the Form 5500 due date (calendar-year plans).

  • Audit first-quarter payroll and plan deposit dates to ensure compliance with the U.S. Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments.

  • Confirm eligible employees received enrollment information and that elections of those who enrolled were updated in a timely manner by payroll.

May

  • Monitor the status of the completion of Form 5500, and, if required, conduct a plan audit (calendar-year plans).

  • Issue a reminder memo or email to all employees to encourage them to review and update, if necessary, their beneficiary designations for all benefit plans by which they are covered.

  • Perform a thorough annual review of the summary plan description and other enrollment and plan materials to verify that all information is accurate and current, identifying cases for which revisions are necessary.

  • By May 15 (or 45 days after the end of the quarter), participant-directed defined contribution plans must supply participants with a quarterly benefit/disclosure statement and a statement of plan fees and expenses actually charged to individual plan accounts during the first quarter.

June

  • Begin planning an internal audit of participant loans granted during the first six months of the year. Check for delinquent payments and verify that repayment terms and amounts borrowed don’t violate legal limits.

  • Confirm that Form 5500, and a plan audit if required, will be completed prior to the filing deadline or that a filing extension will be necessary (calendar-year plans).

  • Review plan operations to determine if any qualification failures or operational violations occurred during the first half of the calendar year. If a failure or violation is found, consider using an Internal Revenue Service or U.S. Department of Labor self-correction program to resolve it.

  • Check for any ADP/ACP refunds due to highly compensated employees for EACA plans to avoid an employer excise tax.
Consult your plan’s financial, legal, or tax advisor regarding these and other items that may apply to your plan.