DATES & DEADLINES - December 2023

Retirement Plan Sponsors,

We’re so close to the end of the year, the internet has jokingly created “Circle Back season” to acknowledge the frequency with which we push ongoing projects to “after the holidays”. There are a couple retirement plan related requirements before you can fully check out #EOD (End of December… another internet joke).

December 1st was the deadline for your End of Year Notice requirements (Safe Harbor Notices, Automatic Enrollment Notices, Qualified Default Investment Alternative Notices). Often your retirement plan recordkeeping partner or if you use a Third Party Administrator, may distribute on your behalf, or it may be your responsibility to get them out the door. Remember the audience is anyone active, eligible (but not yet participating), or any terminated employees that maintain a balance in your 401(k)/403(b). If you suddenly realize they’re not out the door yet - get them out ASAP.

December 15th is the deadline to distribute Summary Annual Reports (SARs) to participants if the Form 5500 deadline was extended because of filing a Form 5558 - you extended the 5500 filing date from it’s initial July 31st deadline up to October 15th (16th in 2023 because the 15th was a Sunday).

Finally, December 31st* is the deadline for:

• Distributing 2023 Required Minimum Distributions (RMDs) to participants who qualify. These are generally handled by your retirement plan recordkeeper partner unless you’ve been informed otherwise.

• Correcting a failed Non-Discrimination ADP/ACP test.

• Plan Design - deadline for an existing safe harbor plan in 2023 to remove safe harbor provisions for 2024; or to elect safe harbor status for the prior plan year (this will require a employer made non-elective contribution of 4% or greater). Also to implement discretionary amendments to the plan.

And with that, you’ve been through the full cycle of important dates as they relate to your retirement plan. Hopefully, you have some downtime planned in December for that ‘mid-winters nap’ because we get to do it all again beginning in January. 😁 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 for 2023, deadline will be the final business day.

#513520 December2023