Important October Deadlines
Complaince dates for remainder of 2023
The U.S. Equal Employment Opportunity Commission (EEOC) has released an updated deadline for employers to submit their demographic data. The EEO-1 Component 1 data collection for 2022 will start on Oct. 31, and the deadline for employers to file their EEO-1 reports is Dec. 5. All private employers that have at least 100 employees are required to file the EEO-1 form annually, detailing the racial, ethnic and gender composition of their workforce by specific job categories.
With the October 15 start of the Medicare Part D annual election period looming comes the reminder that the Part D Notice of Creditable Coverage and/or Non-Creditable Coverage is due to employees prior to that October 15 start date. The purpose of the Notice is to inform employees whether their employer-sponsored group health plan’s prescription drug coverage is at least as rich as a Medicare Part D plan.
Employers must provide the Notice only to “Part D eligible individuals” who are enrolled or seeking to enroll in the employer’s prescription drug coverage. This includes all individuals enrolled in Medicare Part A or Part B who live in the service area of a Part D plan. As a practical matter, employers will not know which employees, spouses, or dependents are enrolled in Part A or Part B, and they will not know which individuals are seeking to enroll in the employer’s plan. Therefore, employers generally provide the Notice to all employees.
Other October deadlines:
2 // Summary annual reports are due to participants from plans with a December 31 year-end—i.e., due nine months after the plan year-end or two months after filing Form 5500 (unless Form 5500 filing is extended). (Usually due September 30, which falls on a Saturday in 2023. The DOL provides that filing dates that fall on a Saturday, Sunday or holiday are delayed until the next business day.)
2 // Start of the period to disseminate annual notices to participants, including the 401(k) safe harbor, automatic contribution arrangement (ACA), qualified automatic contribution arrangement (QACA) safe harbor, and qualified default investment alternative (QDIA)—i.e., from 90 to 30 days prior to the end of the current plan year.*
15 // IRS deadline for filing the retroactive amendment to correct an Internal Revenue Code Section 410(b) coverage or Section 401(a)(4) nondiscrimination failure. (Note: October 15 falls on a weekend in 2023.)
16 // Deadline for third 2023 minimum funding quarterly installment payment for Defined Benefit plans that had a funding shortfall in 2022 —i.e., due 15 days after the last plan-year quarter-end. (Usually due October 15, which falls on a weekend in 2023. The PBGC provides that filing dates that fall on a Saturday, Sunday or holiday are delayed until the next business day.)
16 // A PBGC flat rate and variable rate annual premium filing and payment is due to the PBGC—i.e., by the 15th day of the 10th full month after the month the plan year began. (Usually due October 15, which falls on a weekend in 2023.)
16 // Deadline for filing Form 5500 after a plan files Form 5558 to request an extension. (Usually due October 15, which falls on a weekend in 2023.)
16 // Form 5310-A due to the IRS to give notice of the establishment of qualified separate lines of business. (Usually due October 15, which falls on a weekend in 2023.)
November
14 // Deadline for participant-directed DC plans to provide participants with quarterly benefit/disclosure statement and statement of plan fees and expenses actually charged to individual plan accounts during third quarter of 2023. Note: Due 45 days after the end of the quarter.
15 // Summary annual reports due to participants if the Form 5500 deadline was extended because of a corporate tax filing extension.
EEO-1 Submission Deadline Confirmed (shrm.org)
October 15 Deadline for Medicare Part D Notice (newfront.com)
2023 ERISA Plan Compliance Calendar | PLANSPONSOR
Commentary by: Raylea Stelmach
Edited by: Kim Moss
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