DATES & DEADLINES - July 2023
Retirement Plan Sponsors,
We’ve made it to July, and we’re halfway through the year! July is the strange combination of a mostly quiet month in regards to upcoming deadlines, but the Form 5500 filing deadline at the end of the month is a significant one and has likely been on your to-do list for some time!
July 29th is the deadline for retirement plans to distribute to participants of the Summary of Material Modification (SMM) for any plan amendments that were made in 2022. July 29th is the 210th day into the following year. While some plans have this notice automatically sent by your retirement plan record-keeping or Third Party Administrator (TPA) partner, it’s worth checking in with them to determine whose responsibility it is to distribute. It may also have been included if you recently sent out an updated Summary Plan Description (SPD).
July 31st is the deadline for submitting your Form 5500 filing to the Department of Labor (DOL) unless you request an extension to mid-October (generally October 15th, but as it happens to fall on a Sunday this year, the 2023 deadline will be Monday, October 16th). The initial deadline is seven months after calendar year-end, and the extension request can be made by filing the Form 5558 with the IRS. The Form 5500 will traditionally have support from your record-keeping and/or Third Party Administrator (TPA) partners. Often, those partners will automatically file the Form 5558 to extend the deadline if needed, but again, another opportunity to quickly check in and determine procedures with your service providers. Remember for those plans, roughly with greater than 100 plan participants, that are required to have a retirement plan audit accompany the Form 5500 filing, both those items should be included together in the filing.
July 31st is also the deadline for the Form 5330 filing to the IRS, which reports the excise taxes related to employee benefit plans. If an extension is needed, the same Form 5558 referenced above will also delay the Form 5330 deadline to October. Finally, it is the deadline for annual statements to be distributed to participants in plans that do not offer participant-driven investments (that is, the investments are chosen for the participants, they are not allowed to choose their own selections).
Any questions you have about what your responsibilities are towards your organizations 401(k)/403(b) plans? Email me Christina.Tunison@lpl.com.
#453658 July 2023