2009 End of Year Plan Sponsor "To Do" Lists provides a checklist of items for plan sponsors to address by the end of the year. If you have a different plan year, some of the due dates will be different.
All Qualified Plans "To Do" List
- Adopt Pension Protection Act Amendments – Both mandatory and optional Pension Protection Act of 2006 (PPA) amendments must be adopted by the last day of the 2009 plan year.
- Adopt Design Changes by the End of the Plan Year – Any plan design changes that require an amendment must be made by the last day of the current plan year.
- Adopt EGTRRA Restatement if in Cycle D – Cycle D filers must submit the plan by January 31, 2010. See Cycle D Action Items for more information.
- Review 2010 Plan Limits – See 2010 Pension Plan Limits
- Comply with HEART Act Changes – We recently discussed the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act) and Differential Military Pay as Wages. A conforming amendment must generally be made by the end of the 2010 plan year.
- Update Section 402(f) Eligible Rollover Distribution Notices – See 2009 Safe Harbor Notice of Tax Treatment (402(f) Notice) for additional information and a link to the updated Notice.
Section 401(k) Plans "To Do" List
- Comply with Items on All Qualified Plans List
- Provide Section 401(k)/401(m) Safe Harbor Notice by December 2, 2009 for Calendar Year Plans – See Safe Harbor Notice Deadline/Conditional Safe Harbor Notice and Failure to Provide a Safe Harbor 401(k) Plan Notice for more information.
- Provide Annual Automatic Enrollment Notice by December 2, 2009 for Calendar Year Plans
- Provide Annual Qualified Default Investment Alternative Notice by December 2, 2009 for Calendar Year Plans
- If Adding Qualified Automatic Contribution Arrangement or Eligible Automatic Contribution Arrangement for 2010, Adopt Amendment Before the 2010 Plan Year
- Comply with Additional HEART Act Changes – See the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act) and Differential Military Pay as Wages for more information.
- Comply with Required Minimum Distribution Waiver for 2009 – While the amendment is generally not required to be adopted until the last day of plan year beginning in 2011, some decisions needed to be made as early as November 30, 2009. See 2009 Required Minimum Distributions (RMDs) for more information.
Defined Contribution Plans (Other Than Section 401(k) Plans) "To Do" List
- Comply with Items on All Qualified Plans List
- Provide Annual Qualified Default Investment Alternative Notice by December 2, 2009 for Calendar Year Plans
- Comply with Required Minimum Distribution Waiver for 2009 – While the amendment is generally not required to be adopted until the last day of plan year beginning in 2011, some decisions needed to be made as early as November 30, 2009. See 2009 Required Minimum Distributions (RMDs) for more information.
Executive Compensation "To Do" List
- Public Companies May Need to Amend "Performance-Based Compensation" Arrangements to Address 162(m) IRS Guidance By Year End
- Special Section 409A Correction Transition Relief Expires in 2009 for Operational Failures Affecting Non-Insiders
- Consider Shareholder Reapproval of Section 162(m) Performance Compensation Plans Approved in 2005
- Code Section 6039 Information Statements Due by January 31, 2010
The document also contains checklists for defined benefit plans, Section 403(b) and Section 457(b) plans, and health and welfare plans.
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