In this issue:

Special Event: How the Power of Story Can Grow Your Business
Webinar: What's New at JULY
Restatement Cycle Begins
Safe Harbor Deadline Approaching
Are You Looking for a Managed Account Solution for Retirement Plans?
Win New Plans with Total Cost Analysis
Important Compliance Deadlines

Register for our upcoming special advisor event!

How the Power of Story Can Grow Your Business

Join Us October 7th, 2pm - 4pm CT

This special virtual event is for financial advisors looking to grow and evolve their retirement plan business. We invite you to join us to learn from an interactive panel of your peers followed by a fun-filled, interactive session based on the New York Times Bestselling book, Building A Story Brand.

StoryBrand helps advisors understand what clients are looking for so they can tell their story in such a way people listen. The human brain is drawn to CLARITY and away from confusion. If prospective clients are confused about what you offer, they’ll look past you for somebody who can say it clearly. Once you clarify your message, your advisory business will grow.

Webinar: What's New at JULY?

Join Blake Willis on September 24th at 3:10pm CT for a 50-minute webinar learning about the innovative updates to our technology and services to help you in your practice.

Plan Document Restatement Cycle

Every six years, all pre-approved Defined Contribution plans (profit sharing, 401(k), and money purchase plans) are required by the IRS to be restated and include any interim amendments. JULY has begun communications to you and your clients regarding these projects, as the restatement cycle has commenced. Please be on the lookout for communications and contact your Client Service Manager if you have any questions.

Safe Harbor Deadline Approaching

For the right company, a Safe Harbor 401(k) Plan with Match contributions offers real advantages over a traditional 401(k). Most importantly, Safe Harbor Plans make it possible for owners and highly compensated employees to make the maximum salary deferral contributions to the plan even if other employees make limited or no contributions.

Why act now? An Employer who would benefit by starting a Safe Harbor 401(k) Plan with Match contributions in 2020 needs the plan to be fully operational by October 1, 2020, to satisfy requirements that the plan allows employees at least 3 months to make deferral contributions. This is necessary to meet the “safe harbor” condition of this type of qualified retirement plan.

Important Dates:
September 9 - Paperwork must be submitted to JULY for establishing a new plan
October 1 - Deadline to be operational for plan year 2020

If you have clients who are good candidates for a Safe Harbor 401(k), we encourage you to act now to enable plan installation over the next few weeks.

Are You Looking for a Managed Account Solution for Retirement Plans?

With 59% of plan sponsors offering a managed account service to their participants, more advisors are looking for the best solution to meet the needs of their clients. Stadion’s StoryLine is a professionally managed investment service for participants. And right now, any current or new plan with JULY that signs up for StoryLine between July 1, 2020, and December 31, 2020, is eligible for a six month fee waiver.

Learn More

Win New Plans with Total Cost Analysis

If you are looking for new ways to grow your retirement plan business, I can assist you in preparing complimentary Total Cost Analysis reports for existing and prospective clients. These reports will allow you to have meaningful conversations with business owners who could benefit from a change in their current retirement plan.

Important Compliance Deadlines

Here are some important dates that will affect many calendar-year retirement plans over the coming months.

September 15 – Deadline to submit census information to JULY if you elect to perform mid-year testing for your plan.
September 16 – Extended deadline for S-Corporations and Partnerships to fund contributions and receive tax deductions on the S-Corporation’s or Partnership’s prior year tax return. (Form 1120S or Form 1065)
September 30 – Deadline for distributing the Summary Annual Report to participants and beneficiaries for plans who filed the Form 5500 by July 31st.
October 1 – Extended deadline to provide the large plan audit report to JULY to ensure Form 5500 is filed timely.
October 15 – Final deadline for the Employer to electronically sign the Form 5500 with the Department of Labor. Failure to sign the Form 5500 can result in penalties of up to $1,100 per day.
October 15 – Extended deadline for Sole Proprietors and C-Corporations to fund contributions and receive tax deductions on the prior year’s tax return. (Form 1040 or Form 1120)

Access Comprehensive Calendar

At JULY, our goal is to provide you excellent, personalized support to help you and your clients reach your goals. Call us any time at 888.333.5859 to discuss how we can be of assistance. We’re here to help.

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