Upcoming Compliance Deadlines

by | Nov 17, 2023 | Institutional Services

December 2023

1st:  Participant Notices – Annual notices due for Safe Harbor elections (note that some plans are no longer required to distribute Safe Harbor notices), Qualified Default Investment Arrangement (QDIA), and Automatic Contribution Arrangements (EACA or QACA).

29th:  ADP/ACP Corrections – Deadline for a plan to make ADP/ACP corrective distributions and/or to deposit qualified nonelective contributions (QNEC) for the previous plan year.29th: Deadline for certification of the Annual Funding Target Attainment Percentage (AFTAP) for Defined Benefit plans for the 2023 plan year.

29th:  Discretionary Amendments – Deadline to adopt discretionary amendments to the plan, subject to certain exceptions (e.g., anti-cutbacks).

29th: Required Minimum Distribution (RMD) – For participants who reached age 72 in 2022, the first RMD was due by April 1, 2023. The 2nd RMD, as well as subsequent distributions for participants already receiving RMDs, is due by December 29, 2023. Participants who were at least age 73 and terminated in 2023 may take their first RMD by April 1, 2024.

29th: Contribution Funding – Final funding deadline for 2022 plan year end. See your tax advisor for year of deductibility.

January 2024

31st: IRS Form 945 – Deadline to file IRS Form 945 to report income tax withheld from qualified plan distributions made during the prior plan year. The deadline may be extended to February 10th if taxes were deposited on time during the prior plan year.

31st: IRS Form 1099-R – Deadline to distribute Form 1099-R to participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year.

31st: IRS Form W-2 – Deadline to distribute Form W-2, which must reflect the aggregate value of employer-provided employee benefits.

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