Tax Talk – Retirement Plan Compliance Deadlines
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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 disseminated to plan participants:
- Safe harbor
- Qualified Default Investment Alternative (QDIA)
- Automatic enrollment (ACA/EACA/QACA)
- NOTE: Alliance has or will be sending these required notices, as applicable.
Also, this is the deadline to elect non-elective safe harbor status for the current plan year without incurring increased contribution requirements.
December 15th, 2023
Summary Annual Reports must be sent to plan participants.
NOTE: Alliance has already sent your SAR. Contact us if you misplace your copy.
December 31st, 2023
- All Required Minimum Distributions must be processed (except first time recipients).
- Discretionary plan amendments, subject to specific exceptions, must be finalized and signed for the current plan year.
We Are Here to Help!
We are committed to providing support to you and your employees. Reach out to us for further information or assistance in meeting these crucial deadlines or if you have any questions regarding your plan.
Your Alliance team is just a call away, so reach out – we’ve got your back!