Deadline Relief for Plan Sponsors Affected by Weather Disasters

via Lockton Retirement Services

The Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) are waiving certain penalties and extending certain deadlines for victims of the severe storms that happened beginning in May. The relief applies to plan administrators or contributing sponsors in the designated disaster areas in the Cleveland, Grady, and Oklahoma counties of Oklahoma, and Allen, Bath, Christian, Fayette, Hardin, Harrison, Hart, Hopkins, Meade, Mercer, Monroe, Muhlenberg, Nicholas, Shelby and Spencer counties of Kentucky.

Although the Department of Labor has not issued any type of relief, if prior events are any indication, they may also be lenient on employers for such things as timely remittance of contributions and disclosure requirements to participants.

The following IRS Provision deadlines have been postponed to August 31, 2015:

  • May 15 deadline for tax-exempt organizations to file their annual Form 990;
  • June 15 deadline for making quarterly estimated tax payments; and
  • A variety of business tax deadlines including the July 31 deadline for quarterly payroll and excise tax returns and the filing of the Annual Report Form 5500.

To read the full Lockton article CLICK HERE

About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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