Oct. 15 Deadlines and You

Pension actuaries and professionals working with defined benefit plans face a unique set of challenges when it comes to meeting the Oct. 15 deadline. 

This date is pivotal for annual filings and compliance. It’s important to be prepared with strategies to help minimize the stress that can come with meeting this deadline so that when you do arrive at ASPPA Annual, you’re ready to learn, have fun, and feel energized enough to volunteer for ASEA in the coming year. In this article, we explore some strategies and best practices to ensure a successful and stress-free approach to the Oct. 15 deadline.

1. Early data collection and verification: As we all know, the early bird gets the worm, so be sure to initiate data collection and verification well in advance. Gather all relevant participant data, financial records, and plan documents. The early identification and resolution of data discrepancies can significantly streamline the process.
2. Prioritize and plan: One of the first steps in managing deadlines and stress is effective prioritization and planning. Start by creating a to-do list, categorizing tasks by urgency and importance. This helps you identify the critical path and allows you to allocate your time and resources wisely. 
3. Regulatory compliance expertise: Staying up-to-date with the latest regulatory changes can be overwhelming and time consuming. ASEA has the education you need to keep the rules at the forefront of your mind. Attending the ASEA Symposium, webcasts, the ASPPA Annual and ASEA Insights will help to make sure you’ve got all the details you need. 
4. Breaking down larger tasks into smaller steps: How do we eat the elephant? One bite at a time. Breaking down larger tasks into smaller manageable steps can make them less overwhelming. 
5. Documentation and reporting: The Oct. 15 deadline often requires extensive documentation and reporting. Develop a robust system for maintaining these records. One trick is create a consistent naming convention so that you or your colleagues know they’re looking at just by opening a folder. 
6. Collaboration and communication: Effective collaboration is crucial. Keep lines of communication open and provide updates to your team members. Staying on the same page will prevent things falling through the cracks. A daily standup meeting is a great way to check-in without adding meeting bloat to your day. These meetings should take place at the same time every day and last no more than 15 minutes, covering only high-level project updates. 
7. Ask for help when you need it: The ASEA Google Group is a great resource for Q&A.
8. Have a back up strategy: Prepare a continuity plan for unforeseen disruptions and challenges. 
9. Celebrate achievements: Once the deadline has passed, and you’ve submitted all your required documentation, pat yourself on the back. Take a stroll. Breath some fresh air. Talk to your friends and family—remind them you exist and still remember how to have fun.
10. Prepare for next year: One of the most difficult but rewarding parts of any project is to take time and reflect on the lessons learned. Be sure to write them down somewhere so that when it’s time to go through this process all over again next year, you can implement the strategies that you learned in 2023. 

Meeting the Oct. 15 deadline requires meticulous preparation, expertise, and a strong commitment to regulatory compliance. Managing deadlines and stress is a continuous learning process and with the resources available with your ASEA Membership, you can become a master of the Oct. 15 deadline.