Thursday, February 16, 2017

2017 Retirement and Employee Benefits Compliance Calendar

HANYS Benefit Services wants to help you stay compliant with our 2017 Retirement and Employee Benefits Compliance Calendar.

Compliance is just one of many services HBS provides, including Plan Design,Plan Provider Management, and Co-Fiduciary Services.

If you have any questions regarding compliance requirements or their application to your plan, contact us at (800) 388-1963 or at hbs@ hanys.org.

Wednesday, February 15, 2017

HANYS Benefit Services Named a PLANADVISER Top 100 Retirement Plan Adviser for the 2nd Year in a Row

PLANADVISER Magazine has named HANYS Benefit Services (d/b/a Strategic Benefit Services) as one of its 2017 Top 100 Retirement Plan Advisers.

HANYS Benefit Services has been awarded in the categories for large teams with $4 billion or more in retirement plan assets under advisement, and large teams with 180 retirement plans or more under advisement. The PLANADVISER Top 100 Advisers is an annual list of the retirement plan advisers and adviser teams that stand out in terms of a series of increasingly stringent quantitative measures.

Monday, February 6, 2017

Remedial Amendment Period for §403(b) Plans

Sponsors of 403(b) plans, both those subject to the Employee Retirement Income Security Act (ERISA) and non-ERISA plans, were required (with few exceptions) to have in place a written plan document by December 31, 2009. Sponsors who did so will be able to restate their plans to adopt one of the prototype plans or volume submitter plans when they become available.

The Internal Revenue Service (IRS) issued Revenue Procedure 2013-22 in March 2013, which provided guidelines for issuing opinion and advisory letters for §403(b) prototype plans and volume submitter plans. The Revenue Procedure stated that a remedial amendment period would be available whereby eligible employers could retroactively correct defects in the form of written 403(b) plans. The Revenue Procedure defined a defect as a provision (or the absence of a required provision) that causes the plan to fail to satisfy the operational requirements of Section 403(b). Revenue Procedure 2013-22 stated that any such defect must be corrected on or before the last day of the remedial period. However, the remedial amendment period was not defined in the Revenue Procedure.

With the release of Revenue Procedure 2017-18, IRS has announced that the last day of the remedial amendment period is March 31, 2020. IRS plans to issue approval letters on the plans that have been submitted by March 31, 2017. Thus, if a plan has not satisfied the requirements of Section 403(b) with the prototype documents during the remedial amendment period but is amended by March 31, 2020 to satisfy those requirements, the plan will be considered to have satisfied those requirements for the entire period.

It should be noted that the pre-approved prototype plans have not yet been made available.

If you have any questions or would like to begin talking to an advisor, please get in touch by calling (800) 388-1963 or e-mail us at hbs@hanys.org.

Wednesday, February 1, 2017

Key Retirement and Employee Benefits Compliance Reminders for February

Due February 28th

  • Paper filing of Form 1099-R to IRS for distributions made in 2016.
  • Section 6055 Reporting - Forms 1094-B and 1095-B. IRS information returns filed no later than February 28, 2017, or March 31, 2017 if filed electronically.
  • Section 6056 Reporting - Forms 1094-C and 1095-C. IRS information returns filed no later than February 28, 2017, or March 31, 2017 if filed electronically.
If you have any questions, or would like to begin talking to an advisor, please get in touch by calling (800) 388-1963 or email us at hbs@hanys.org.