DATES & DEADLINES - June 2023

Retirement Plan Sponsors,

Last weekend was Memorial Day Weekend, which means summer has arrived! While in the DC area, schools are still in session for a couple more weeks, those lazy days are on the horizon. So lets help you plan for some down time.

As has been on your to-do list for the last couple months, the deadline for submitting your 5500 filing is July 31st (assuming a calendar year plan) unless you request an extension to mid-October. This reporting itself should be easy enough, and many plans have support from their record-keeping and/or Third Party Administrator (TPA) partners. For those plans, roughly with greater than 100 plan participants, that are required to have a retirement plan audit accompany the 5500 filing, both those tasks should be in processing by now.

June 29th is the deadline for plans that have publicly traded employer securities to file their Form 11-K annual report. June 29th represents 180 day after the end of last year. While this used to be a much larger group, plans that offer employer securities AND that are publicly traded are quiet small stemming from several high profile business situations. The Alight Solution 401(k) Index reflects that while in 1997, about 30.6% of 401(k) plan assets were allocated to company stock that allocation to company stock has fallen sharply to 6.2% of 401(k) plan assets at the close of 2022.

June 30th is the deadline for corrective distributions to avoid a 10% employer excise tax for failed ADP/ACP tests to HCE’s for EACA (Eligible Automatic Contribution Arrangement) Plans.

Any questions you have about what your responsibilities are towards your organizations 401(k)/403(b) plans? Email me Christina.Tunison@lpl.com.

#442498 May2023