DATES & DEADLINES - April 2023
Retirement Plan Sponsors,
March is over! April brings us better weather (at least here in the mid-Atlantic), longer days, and a mostly quiet month for the retirement plan!
April 1st* is the deadline for distributing initial Required Minimum Distributions (RMDs) to participants who turned 72 or are no longer with your company, but may keep a balance in your plan. These are generally handled by your retirement plan recordkeeper partner unless you’ve been informed otherwise.
April 15th* is the deadline for corrective distributions of excess deferral amounts (aka - if someone put too much money in their plan last year).
April 17th is the deadline in 2023 for employer contributions due for the 2022 plan year for C-corporations (and LLCs that are taxed as C-corps), in order to claim the tax deduction with no corporate tax extension. This is generally April 15th and aligned with tax day, however April 15th falls on a weekend in 2023.
Any questions you have about what your responsibilities are towards your organizations 401(k)/403(b) plans? Email me Christina.Tunison@lpl.com.
*Falls on a weekend in 2023.
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