Important Dates | ||
|---|---|---|
January | 17 | Deadline for final minimum funding quarterly installment payment for defined benefit plans that had a funding shortfall in 2020 —i.e., due 15 days after the last plan-year quarter-end. (Due January 15, which falls on a weekend in 2022. The IRS provides that dates that fall on a Saturday, Sunday or holiday are delayed until the next business day.) |
30 | Deadline to provide participants and beneficiaries of a defined benefit plan (DB with the notice of benefit restrictions if the DB plan is less than 60% funded. Note: Due January 30, or 30 days after the valuation date at which the restriction is determined. | |
31 | Many recordkeepers require participant data for average deferral percentage (ADP)/average contribution percentage (ACP), top-heavy and 402(g) compliance testing to be returned by this date. Deadline for sending Form 1099-R to participants who received distributions from a qualified retirement plan during the previous year. | |
February | 14 | Deadline for participant-directed defined contribution (DC) plans to provide participants with the quarterly benefit/disclosure statement and statement of plan fees and expenses actually charged to individual plan accounts during last quarter of 2021. Note: Due 45 days after the end of the quarter. |
28 | The Pension Benefit Guaranty Corporation (PBGC) Form 1-ES estimated premium payment—i.e., the flat-rate premium for plans with over 500 participants—is due to the PBGC. Note: Due by the last day of the second month in the premium payment year. Deadline for filing Form 1099-R with the IRS if not filed electronically, to report distributions made in the previous year. | |
March | 15 | Employer contributions due to the retirement plan’s trust for S-corporations and partnerships with December 31 fiscal year-end to take deductions with no corporate tax extension. Forms 1042 and 1042-S due to the IRS to report, respectively, income tax withheld from distributions made to nonresident aliens and retirement plan distributions made to nonresident aliens. Deadline for distributing ADP/ACP refunds without incurring a 10% excise tax on the employer—i.e., due 2 1/2 months following the plan year-end. Note: A special deadline applies to plans satisfying the requirements of an eligible automatic contribution arrangement (EACA). (See July.) Deadline to apply to the IRS for a waiver of the minimum funding standard for DB and money purchase pension plans—i.e., no later than the 15th day of the third month after the close of the plan year for which the waiver is requested. |
31 | Electronic filings of Form 1099-R for 2021 distributions are due to the IRS. | |
April | 1 | Initial required minimum distribution (RMD) is due to participants who turned 72 (age 70½ if born before July 1, 1949), even if you have not retired. If you own more than 5% of the business sponsoring the plan, then you must begin receiving distributions by April 1 of the year after the calendar year in which you reach age 70½ (age 72 if born after June 30, 1949), even if you have not retired. For each year after your required beginning date, you must withdraw your RMD by December 31. For the first year following the year you reach age 70½ (age 72 if born after June 30, 1949), you will generally have two required distribution dates: an April 1 withdrawal (for the year you turn 70½ (or 72 if born after June 30, 1949)) and an additional withdrawal by December 31 (for the year following the year you turn 70½ (or 72 if born after June 30, 1949)). You can make your first withdrawal by December 31 of the year you turn 70½ (or 72 if born after June 30, 1949) instead of waiting until April 1 of the following year which would allow the distributions to be included in your income in separate tax years. |
15 | Deadline for corrective distributions of excess deferral amounts under Internal Revenue Code Section 402(g) to participants. Deadline for first 2022 minimum funding quarterly installment payment for DB plans that had a funding shortfall in 2021 —i.e., due 15 days after the last plan-year quarter-end. Employer contributions due to the plan’s trust for C-corporations with December 31 fiscal year-end to take deductions with no corporate tax extension | |
May | 2 | Deadline for sponsors of single and multiemployer DB pension plans to send their annual funding notice to participants, beneficiaries and labor organizations representing participants. Small plans—i.e., those covering fewer than 100 participants—must provide the notice by the IRS filing due date of the plan’s Form 5500; the notice takes the place of the summary annual report for a DB plan. (Usually due April 30, which falls on a weekend in 2022. The DOL provides that filing dates that fall on a Saturday, Sunday or holiday are delayed until the next business day.) Final 2021 comprehensive PBGC premium due to the PBGC for plans that filed an earlier estimated variable rate premium in the October 15, 2021, comprehensive filing. (Usually due April 30, which falls on a weekend in 2022. The PBGC provides that filing dates that fall on a Saturday, Sunday or holiday are delayed until the next business day.) |
15 | Deadline for participant-directed DC plans to supply participants with the quarterly benefit/disclosure statement and statement of plan fees and expenses actually charged to individual plan accounts during first quarter of this year. Note: Due 45 days after the end of the quarter. (May 15 falls on Sunday in 2022. No guidance clearly allows extending the deadline to the next business day. | |
June | 29 | Deadline for retirement plans with publicly traded employer securities to file their Form 11-K annual report—i.e., by 180 days after the end of the retirement plan year. |
30 | Deadline for corrective distributions for failed ADP/ACP tests to highly compensated employees (HCEs), to avoid a 10% excise tax on the employer for EACA plans. | |
July | 15 | Deadline for second 2022 minimum funding quarterly installment payment for DB plans that had a funding shortfall in 2021 —i.e., due 15 days after the last plan-year quarter-end. |
28 | Summary of material modifications is due to participants—i.e., 210 days after the end of the plan year in which the change was adopted—unless it was included in a timely updated summary plan description (SPD). | |
31 | Deadline for filing Form 5500 (without extension). Deadline for filing Form 5558 to request automatic extension of time to file Form 5500 (2 ½ months). Deadline for filing Form 5330-Return of Excise Taxes Related to Employee Benefit Plans-used to report and pay excise taxes on prohibited transactions and excess 401(k) plan contributions that occurred in prior year. | |
August | 14 | Deadline for participant-directed DC plans to provide participants with the quarterly benefit/disclosure statement and statement of plan fees and expenses that were charged to individual plan accounts during second quarter of 2022. Note: Due 45 days after the end of the quarter. (August 14 falls on a Sunday in 2022. No guidance clearly allows extending the deadline to the next business day. Deadline to provide the first Lifetime Income Illustration disclosure to participants in a participant-directed individual account plan (due by the benefit statement for the second quarter of the first plan year ending after September 9, 2021). |
September | 15 | Extended deadline for filing corporate tax returns, and contribution deadline for deductibility. |
30 | Deadline for distributing Summary Annual Report (SAR) to participants, provided deadline for Form 5500 was not extended (later of nine months after close of plan year or two months after due date for Form 5500). | |
October | 2 | Start of the period to disseminate annual notices to participants, including the 401(k) safe harbor, automatic contribution arrangement (ACA), qualified automatic contribution arrangement (QACA) safe harbor, and qualified default investment alternative (QDIA)—i.e., from 90 to 30 days prior to the end of the current plan year.* |
15 | Deadline to provide the first Lifetime Income Illustration disclosure to participants in a non-participant-directed individual account plan (due for the benefit statement issued for the first plan year ending after September 9, 2021). Extended deadline for filing Form 5500. Extended deadline for filing tax returns for unincorporated businesses. | |
17 | PBGC Form I annual premium payment is due to the PBGC—i.e., by the 15th day of the 10th full month after the month the plan year began. Schedule A—i.e., single employer plan variable rate portion of premium, and PBGC Form 1-EZ for flat-rate premiums—is also due. (Usually due October 15, which falls on a weekend in 2022. Deadline for filing Form 5500 after a plan files Form 5558 to request an extension. (Usually due October 15, which falls on a weekend in 2022.) Deadline for third 2022 minimum funding quarterly installment payment for DB plans that had a funding shortfall in 2021 —i.e., due 15 days after the last plan-year quarter-end. (Usually due October 15, which falls on a weekend in 2022.) IRS deadline for filing the retroactive amendment to correct an Internal Revenue Code Section 410(b) coverage or Section 401(a)(4) nondiscrimination failure. (Usually due October 15, which falls on a weekend in 2022.) Form 5310-A due to the IRS to give notice of the establishment of qualified separate lines of business. (Usually due October 15, which falls on a weekend in 2022.) | |
November | 14 | Deadline for participant-directed DC plans to provide participants with quarterly benefit/disclosure statement and statement of plan fees and expenses actually charged to individual plan accounts during third quarter of 2022. Note: Due 45 days after the end of the quarter. |
15 | Summary annual reports due to participants if the Form 5500 deadline was extended because of a corporate tax filing extension. | |
December | 1 | Final deadline to disseminate the 401(k) safe harbor annual notice to plan participants. Final deadline for supplying the QDIA annual required notice to all participants who were defaulted into a QDIA no more than 30 days prior to the beginning of the plan year. Final deadline to provide participants with the annual automatic enrollment and default investment notices; these may be combined with the QDIA notice. Deadline to elect safe harbor status for the current plan year with non-elective contributions if the non-elective contribution is less than 4% of compensation. |
15 | Extended deadline for providing summary annual reports to participants if the Form 5500 deadline was extended because of filing Form 5558. | |
31 | Deadline for processing corrective distributions for failed current plan year ADP/ACP test with 10% excise tax. Deadline for correcting a failed ADP/ACP test with qualified nonelective contributions (QNEC) for current plan year. Deadline for amendment to convert existing 401(k) plan to safe harbor design for next plan year. Deadline for amendment to remove safe harbor status for next plan year. Deadline for amending plan for discretionary changes implemented during plan year (certain exceptions apply, e.g., adding salary deferrals, cutback accrued benefits). RMDs due under IRC Section 401(a)(9). |
Participant Fee Disclosure Requirements
Plan sponsors must furnish fee disclosures to participants on or before the date on which they or their beneficiary can first direct their investments in the plan and at least annually thereafter.
Plan sponsors must, at least quarterly, furnish participants with a statement of account expenses and the services for which they apply.
If any changes are made to fee information, plan sponsors must communicate the change to participants at least 30 days, but not more than 90 days, in advance of it.
Miscellaneous Requirements
Defined contribution (DC) plan statements must be provided at least annually for participants who do not have the right to direct their investments, and at least quarterly for those who do have the right.
A QDIA [qualified default investment alternative] notice for plans that choose to use a QDIA must be provided to participants 30 days prior to their first investment. Note: If the plan has immediate eligibility, participants must be given the notice as soon as administratively feasible.
Defined benefit (DB) plans must provide the Pension Benefit Guaranty Corporation (PBGC) with a notice of failure to meet minimum funding standards within 60 days of a missed payment or denial of payment waiver.