11 | 6 | 2005 Posted By Jerry Kalish
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Upcoming Key Benefit Deadlines

As the year is rapidly drawing to a close, there are several key deadlines that benefit plan sponsors must meet:

  • November 15, 2005 - Creditable Coverage Notice regarding new Medicare Part D prescription drug coverage to all active and retirees covered under the medical plan.
  • December 1, 2005 - Safe Harbor Notice for calendar year 401(k) plans to avoid discrimination testing.
  • December 31, 2005 - Plan amendment for calendar year retirement plans to implement automatic IRA rollovers for terminated participants with “small accounts”.
  • January 1, 2006 - Availability of qualified Roth accounts in 401(k) and 403(b) plans.
  • January 1, 2006 - Availability of prescription drug benefits under Medicare Part D.
  • January 1, 2006 - Effective date of Treasury and IRS Final 401(k) Regulations.

I will be posting separate, detailed explanations of each as the respective deadlines get closer.