Plan Sponsor Outlook

Ameritas Life Insurance

Description

People who participate in a retirement plan are more confident about their ability to retire with enough money to live comfortably when compared to people without a plan. The most recent figures from the Employee Benefit Research Institute (EBRI), released in its “2015 Retirement Confidence Survey,” show that 22% of workers are now very confident they will have enough money to live comfortably throughout their retirement years. Twenty-eight percent of those who have money (or whose spouse has money) in a DC plan, defined benefit plan, or an IRA say they are very confident about living comfortably in retirement. In contrast, just 12% of those without a plan say the same. You can view EBRI’s Retirement Confidence Survey at http://www.ebri.org/surveys/rcs/. Web Resources for Plan Sponsors Internal Revenue Service, Employee Plans www.irs.gov/ep Department of Labor, Employee Benefits Security Administration www.dol.gov/ebsa 401(k) Help Center www.401khelpcenter.com PLANSPONSOR Magazine www.plansponsor.com BenefitsLink www.benefitslink.com Plan Sponsor Council of America www.psca.org Employee Benefits Institute of America, Inc. www.ebia.com Employee Benefit Research Institute www.ebri.org PLAN SPONSOR’S QUARTERLY CALENDAR Who Is Confident About Retirement? APRIL • If a plan audit is required in connection with the 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 Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments. • Verify that employees who became eligible for the plan between January 1 and March 31 received and returned an enrollment form.

Follow up for forms that were not returned. MAY • Monitor the status of the completion of Form 5500, and, if required, 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 plan’s Summary Plan Description (SPD) and other enrollment and plan materials to verify that all information is accurate and current, and identify cases in which revisions are necessary. 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 do not violate legal limits. • Confirm that Form 5500, and plan audit if required, will be completed prior to the filing deadline or that an extension of time to file will be necessary (calendaryear 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 Department of Labor self-correction program to resolve it. Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan. This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company, including, but not limited to: Ameritas Life Insurance Corp., 5900 O Street, Lincoln, NE 68510; Ameritas Life Insurance Corp.

of New York, (licensed in New York) 1350 Broadway, Suite 2201, New York, NY 10018; and Ameritas Investment Corp., member FINRA/SIPC. Each company is solely responsible for its own financial condition and contractual obligations. For more information about Ameritas®, visit ameritas.com. Kmotion, Inc.

is not affiliated with Ameritas®. Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp. Fulfilling life® is a registered service mark of affiliate Ameritas Holding Company. ©2015 Ameritas Mutual Holding Company Ameritas Life Insurance Corp. of New York Retirement Plans Division 1350 Broadway, Suite 2201 New York, NY 10018 800-745-9995 ameritas.com Kmotion, Inc., 412 Beavercreek Road, Suite 611, Oregon City, OR 97045; 877-306-5055; www.kmotion.com © 2016 Kmotion, Inc.

This newsletter is a publication of Kmotion, Inc., whose role is solely that of publisher. The articles and opinions in this publication are for general information only and are not intended to provide tax or legal advice or recommendations for any particular situation or type of retirement plan. Nothing in this publication should be construed as legal or tax guidance; nor as the sole authority on any regulation, law, or ruling as it applies to a specific plan or situation. Plan sponsors should always consult the plan’s legal counsel or tax advisor for advice regarding plan-specific issues. .