Employer sponsored retirement plans provide significant tax advantages, help companies recruit and retain employees, and allow business owners to save for their own retirement. While corporate retirement plans provide many benefits, they can be cumbersome to manage.
There are many important dates plan sponsors must remember and many tasks that must be completed to protect the tax-qualified status of the plan. Review the selected dates below for the most common requirements and download our handy 2023 Employer Plan Checklist pdf by completing the form below:
Key Dates in Quarter 1 2023
In the first quarter, there are two key dates that employers must keep in mind. These include the deadline to distribute 1099-R tax forms to employees and the tax filing deadline for partnerships and S-corps.
January 31: 1099-R
By January 31, you must provide 1099-R tax forms to employees who took distributions in 2022. You must also provide this information to the IRS by February 28 if you are submitting on paper or March 31 if you are submitting electronically.
March 15: Tax Filing Deadline for Partnerships and S-corps
For partnerships and S-corps, the last day to make deductible employer contributions to retirement plans is the tax filing deadline – March 15. If you are unable to meet this deadline, you can apply for an extension, which pushes the tax filing deadline to September 15.
Key Dates in Quarter 2 2023
In the second quarter, employers must process RMDs for certain participants. In addition, C-corps must file their taxes and make employer contributions to retirement plans.
April 1: Deadline to Process RMDs for Some Employees
April 1 is the deadline to process RMDs for participants who reached age 72 (or retired after age 72) in 2022. If you don’t process the distributions by this date, effected employees could owe a 50% tax penalty.
April 18: Tax Filing Deadline for C-corps
In order to deduct them, C-corps must make any employer retirement plan contributions by the tax filing deadline. Since the typical tax filing deadline falls on a weekend, it is extended to April 18 this year. Alternatively, corporations can file for an extension on their taxes, making the new deadline for taxes and retirement plan contributions October 16.
Key Dates in Quarter 3 2023
There are several tasks that need to be completed in the third quarter. These include providing key disclosures and filing taxes if a partnership or S-corp used an extension.
July 29: Summary of Material Modifications
By July 29, employers must distribute the Summary of Material Modifications [SMM] notice to participants. This document summarizes plan amendments made in 2022.
July 31: Forms 5500 and 8955-SSA
July 31 is the last day to file Forms 5500 and 8955-SSA for the 2022 plan year. If you cannot meet either of these deadlines, you can file Form 5558 to request an extension.
September 15: Extended Tax Deadline for Partnerships and S-corps
As previously mentioned, partnerships and S-corps that filed for an extension on their taxes must file their taxes and make employer retirement plan contributions by September 15.
September 30: Summary Annual Report
September 30 is the last day to distribute the Summary Annual Report [SAR], a one-page summary of the information reported on Form 5500. If you filed an extension for Form 5500, the SAR deadline will also be extended.
Key Dates in Quarter 4 2023
The fourth quarter is a busy time for businesses and retirement plan requirements are no exception. There are several deadlines that must be met in the last quarter of the year.
October 16: Extended Tax Deadline for C-Corps, Extended Deadline for Forms 5500 and 8955-SSA
The extended tax filing deadline for C-corps is October 16. Corporations who used an extension must file their taxes and make employer contributions by this deadline. This is also the final day of the extensions for Form 5500 and 8955-SSA.
December 1: Provide Key Notices to Participants
December 1 is the last day to provide some key notices to participants for the 2024 plan year. These include the annual safe harbor plan notice, automatic contribution arrangement notice, and qualified default investment alternative notice.
December 15: Extended SAR Deadline
December 15 is the extended deadline for the SAR. Employers who used Form 5558 to extend the deadline for Form 5500 must distribute the SAR to participants by December 15.
December 31: RMDs to Eligible Participants
By December 31, employers must distribute RMDs to eligible participants. If RMDs are not processed by this deadline, participants could owe a 50% penalty.
While these dates are some of the most common, there are many other deadlines that plan sponsors must meet. Complete the following form to download the 2023 Employer Plan Checklist, and be sure you don’t miss any important dates in 2023.
Get Answers to Employer Sponsored Plan Questions with Meld Financial
At Meld Financial, our team of tax, legal, and investment professionals has the experience to answer your most pressing employer plan questions. With our team on your side, managing your company’s retirement plan is simple. Contact us today to get started.
To stay updated on new regulations and other important retirement plan information, visit the Meld University School of Employer Plans. Also, follow us on LinkedIn, Twitter, and Facebook to stay up to date on the latest developments and insights.