What Are the Important Deadlines for Retirement Plans?

Retirement is the ultimate goal of many people, but only some understand what’s required to stay on the right track. Even the most basic 401(k) plan can have requirements to meet to avoid late fees and even having to put off retirement dates. Keep reading to see if you have deadlines to meet in 2023 with your retirement plan.

Are There Deadlines for Retirement Plans?

Both employers and employees should be aware of retirement plan deadlines to be met in 2023. These deadlines help employers get the most out of their 401(k) plan while employees can plan their contributions to retire at their goal dates.

401(k) Deadlines for Employers and Employees

Employee Deadlines

  1. 1/1/2023: Anyone who qualifies to contribute to their 401(k) this year can do so. Most people begin immediately distributing contributions throughout the year instead of all at once or with a few paychecks.
  2. 1/31/2023: All eligible people should get Form 1099-R from last year.
  3. 2/15/2023: Fourth-quarter statements should be given to employees by their employers.
  4. 4/1/2023: The year you turn 72, you must make an annual 401(k) withdrawal by the last day of the year. According to the IRS’s Uniform Lifetime Table, the required minimum distributions or RMD will be needed.
  5. 4/15/2023: All tax filings must be submitted. You may also refund any surplus deferrals from a qualified plan postponed into the previous year without being taxed.
  6. 5/15/2023: First-quarter statements must be sent to participants.
  7. 8/14/2023: Second-quarter statements must be sent to participants.
  8. 11/15/2023: Third-quarter statement must be sent to participants.
  9. 12/31/2023: The final day participants can take RMDs for their 401(k). Participants must also provide their employer with changes in their name or address and update any beneficiary information.

Employer Deadlines

  1. 1/1/2023: The safe harbor 401(k) match begins. With this plan, everyone in the company has the same predetermined contributions regardless of their role. Traditional 401(k) plans can start as a safe harbor matching plan in the new year. 
  2. 1/15/2023: Employers must make the previous year’s census information available to the record keeper, which includes crucial identifying details for each employee.
  3. 1/31/2023: An employer must send a 1099-R Form to all 401(k) participants with distributions from the previous year.
  4. 2/15/2023: Employers must make fourth-quarter statements available to all participants.
  5. 2/28/2023: The last date an employer can file a hard copy of the 100-R Form with the IRS.
  6. 3/15/2023: All corrective distributions must be processed by this date. This can include the actual deferral percentage (ADP) or actual contribution percentage (ACP). Failure to comply by this date will result in a penalty.
  7. 3/31/2023: The 1099-R Form containing information on the distributions from last year is due.
  8. 4/1/2023: Any qualified RMD withdrawals must be made by this date unless the participant is turning or over the age of 72.
  9. 4/15/2023: Tax day for both employers and employees. Employers must make any corrective distributions by this date as well.
  10. 5/15/2023: First-quarter statements must be sent to all participants
  11. 7/31/2023: Employers without an extension must electronically file Form 5500 for annual reporting per ERISA (employee retirement income security act). Form 8955-SSA must also be sent to the IRS with any information about plan participants who are no longer with the company and can access their benefits when they are of retirement age.
  12. 9/1/2023: All employers must notify participants of the beginning of harbor match plans that will take effect in October of that year.
  13. 9/30/2023: The Summary Annual Report (SAR) is due to provide participants with financial status information via the annual report. 
  14. 10/1/2023: Employers can start their safe harbor 401(k) plan. 
  15. 11/1/2023: November should be used to prepare for all upcoming notices needed for the following year.
  16. 11/15/2023: Third-quarter participant statements are due on this day.
  17. 12/1/2023: Make notice for any safe harbor plans for the upcoming year. This includes both old and new plans.
  18. 12/15/2023: Employers must make the SAR available to all eligible participants.
  19. 12/31/2023: Employers have many tasks that must be completed by the final day of 2023. Some include setting up an acceptable retirement plan for 2024, correcting failed tests from the previous year, ensuring all fees are disclosed to participants annually, and more.

Know More About 401K’s

Understanding 401(k)s and the responsibilities that come with them can be overwhelming. But you can trust Fiduciary Advisors Limited in Phoenix, AZ, to help you! Call them at 602-864-1012 or send them a message here to get more information. They’ll help you make great choices while navigating 401(k) plans.