(Read time 1:49) In this edition of Tax Talk, we provide updates on critical compliance deadlines for defined contribution (DC) plans. The schedule provided below assumes your plan operates on a calendar year basis. December 1st, 2023 Various annual notices must be...
Defined Contribution Plans
Summer 2023 Tax Deadline
You might be interested in an important compliance deadline coming up for defined contribution plans and a quick reminder about filing IRS Form 5500. October 16th - Extended deadline to file IRS Form 5500 to the Department of Labor (DOL) for plans with a December 31st...
Requirement to Provide Paper Statements in Certain Cases
Defined contribution plans will be required to send a paper benefit statement no less than once per year. (For ERISA-covered plans, the other three required quarterly statements can be delivered electronically.) For defined benefit plans, a paper benefit statement...
Defined Contribution Plan Consolidation Notices
The IRS and DOL are instructed to modify guidelines by 12/29/2024 to allow a defined contribution plan to consolidate certain required plan notices.Applicable plans: ERISA 401(k), and 403(b) plans
Application of top-heavy rules to defined contribution plans covering excludable employees
Under current law, employers of a Top Heavy plan may be required to contribute 3% of pay to certain eligible employees, including those that became eligible prior to attaining age 21 and with less than 1 Year of Service. The new law will allow an employer to complete...
Tax Talk – What You Need to Know
Upcoming Compliance Deadlines for Defined Contribution Plans Reminders for Plan Participants March 15 Employer contributions due to the retirement plan’s trust for S-corporations and partnerships with December 31 fiscal year-ends, in order to take deductions...