DATES & DEADLINES - November 2023

Retirement Plan Sponsors,

Halloween has passed, and despite the holiday explosion at retailers over night, it’s not quite the holiday season yet. A lot of us have almost fully packed up 2023 and turned our attention to 2024 planning.

November 14th is the deadline for 2nd quarter statements to be distributed (45 days into the next quarter) for participant directed Defined Contribution plans. This is likely handled with your retirement plan recordkeeping partner, and likely distributed electronically unless participants have requested a papered copy to be mailed to them

November 15th is the deadline to distribute Summary Annual Reports (SARs) to participants IF the Form 5500 deadline was extended because of a corporate tax filing extension (if the Form 5500 deadline was extended because of filing a Form 5558, you have another month - until December 15th)

While technically Friday, December 1st in 2023 is the deadline, keep an eye on End of Year Notice requirements (Safe Harbor Notices, Automatic Enrollment Notices, Qualified Default Investment Alternative Notices, Matching Notices when required - this is by no means a definitive list). They can be distributed at any time now - a minimum of 30 days before the end of the year (hence, December 1st) up to a maximum of 90 days (which would have been October 3rd). Depending on your relationship with your retirement plan recordkeeping partner or if you use a Third Party Administrator, they 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).

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

#499336 November2023