DATES & DEADLINES - May 2023

Retirement Plan Sponsors,

April Showers Bring May Flowers….. and a MUCH lighter administrative load for your retirement plan!

That said, if you have a plan that requires a retirement plan audit (back of the envelope check: do you more than 100 participants when you add up your active participants and terminated employees who have not rolled their balances over) you should be working on that on an ongoing basis. The deadline for submitting that audit paired with your 5500 filing is July (assuming a calendar year plan) unless you request an extension to October, however the audit can take weeks to months to complete.

May 15th is the deadline for 1st quarter statements to be distributed (45 days into the next quarter) for participant directed Defined Contribution plans (this means you are not selecting the specific investments your participants are in, they have the ability to choose investments from a limited menu and move among them). This is overwhelmingly handled with your retirement plan recordkeeping partner, and these days done electronically unless participants have opted otherwise.

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

#434280 May2023