2007 ERISA Compliance Calendar/Checklist

Note: Certain provisions of the Pension Protection Act of 2006 generally effective for 2007 will require plan amendments. Plan amendments should be effective ­retroactively and will not violate anti-­cutback rules if made on or before the ­last day of the plan year ­beginning on or after January 1, 2009 (or 2011 for ­governmental plans). 

01|31 

• Form 1099Rs due to participants to report 2006 distributions.
  
  Note: Many recordkeepers also require participant data for average deferral percentage (ADP)/actual compensation percentage (ACP), Top-Heavy, and 402(g) compliance testing to be returned by 1/31. 
• Form 945 due to IRS (reporting of income tax withheld from distributions)
   

02|28 

• Form 1099Rs due to IRS for 2006 distributions
   
• PBGC Form 1-ES Estimated ­Premium Payment (flat rate ­premium for plans with >500 ­participantsNote: This is due by ­the last day of the second month in the premium payment year.
   

03|15 

• ADP/ACP corrective distributions of excess contributions and earnings due to participants
   
• Forms 1042S and 1042 due to IRS to report retirement plan distributions made to non-resident aliens and income tax withheld from distributions made to non-resident aliens
   
• 2006 Employer Profit Sharing and Match Contributions due in order to take tax deduction (with no ­corporate tax extension) for 12/31 fiscal year-end plans
   

03|15 

• Application of Waiver for Minimum Funding Standard for ­defined benefit and money ­purchase pension plans (due no later than the 15th day of the 3rd month after the close of the plan year for which the waiver is requested) 

03|31 

• Electronic filing of 1099Rs for 2006 distributions due to IRS
   

04|01 

• Initial Age 70 1/2 Minimum Required Distributions due to ­participants (who are no longer ­actively participating and non-5% owners) who turned age 70 1/2 in 2006. Must be distributed by ­December 31 for each year ­thereafter
   

04|16 

• Distributions of excess 402(g) ­deferral amounts due to ­participantsNote: Normally due by April 15, which is on Sunday in 2007.
   

07|29 

• Summary of Material Modifications due to participants
   

07|31 

• Form 5330 to report excise taxes related to employee benefit plans due to IRS  
• Form 5500 due to IRS for plans with December 31 plan year-end (due 7 months after plan year-end)
   
• Form 5558 Application for ­Extension of Time to File Certain Employee Plan Returns is due (used to apply for filing extension)
   
• Forms 5500 or 5330
   
• Distribution Confirmation Report (for defined contribution plans) or Notice (for defined benefit plans) to terminated vested participants ­listed on schedule SSA of Form 5500 (due the same date as schedule SSA of Form 5500)
   

09|15 

• Required contribution for money purchase pension, target benefit, and defined benefit plans (8 1/2 months after plan year-end) and 2006 employer profit sharing and match contribution for those sponsors who filed a corporate tax extension
   

09|30 

• Summary Annual Report due to participants (for 12/31 year-end plans – due to participants nine months after plan year-end)
   
• Notice to participants in ­underfunded defined benefit plans for which the PBGC Variable Rate Premium is due(due no later than two months after deadline for Form 5500)
   

10|3 

• 401(k) Plan Safe Harbor Notice (must be provided between ­October 3 and December 1)
  
  Note: Employers who want the ability to provide a qualified non-elective contribution (QNEC)3% employer contribution must provide a 401(k) Plan Safe Harbor Contingent notice to eligible employees. 

10|15 

• PBGC Form-1 Annual Premium Payment (due by the 15th day of the ninth full month following­ the month in which the plan year ­began; Schedule A-Single ­Employer Plan Variable Rate Portion of Premium and PBGC Form 1-EZ for flat rate premiums also due)
   
• Form 5310-A to give notice of Qualified Separate Lines of Business due to IRS  

12|31 

• Age 70 1/2 Required Minimum Distributions (ongoing)
   

Various 

• Notice of failure to meet minimum funding standards for defined benefit or money purchase pension plan (within 60 days of missed payment or denial of payment waiver)
   
• Notice of funding waiver application for defined benefit or money purchase pension plans (within 14 days before application)
   
• Notice of suspension of benefits for defined benefit plans
   
• Explanation of pre-retirement survivor annuity (due between first day of plan year in which participant reaches age 32 and last day of plan year in which participant reaches age 35; if participant is hired after age 35, due within one year of hire)
   
• Explanation of joint and survivor annuity (between 90 and 30 days before annuity starting date)
   
• Defined contribution plans that require investment in company stock must provide a notice of diversification rights at least 30 days prior to the date a participant is eligible to diversify investments. Notice must include explanation of the importance of ­diversification. Note: Under the Pension­ Protection Act of 2006, plans that did not previously provide for diversification of company stock investments must now give participants the option to diversify after three years of service.