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Tax Talk - Winter 2024

In this issue of Tax Talk, Spectrum updates you on important compliance deadlines coming up for defined contribution plans and provides a quick reminder to remind your retirement plan participants to review their beneficiary designations and make any necessary adjustments.

Upcoming Compliance Deadlines

January 31st   

  • 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 14th  

  • Deadline for participant-directed defined contribution plans to provide participants with the quarterly benefit/disclosure statement and statement of plan fees and expenses charged to individual plan accounts during the last quarter of 2023. Due: 45 days after the end of the quarter.

February 28th

  • Deadline for filing Form 1099-R with the IRS, if not filed electronically, to report distributions made in the previous year.

March 15th

  • Employer contributions due to the retirement plan’s trust for S corporations and partnerships with December 31 fiscal year-end in order 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).

  • Deadline to apply to the IRS for a waiver of the minimum funding standard for defined benefit 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.

Remind Retirement Plan Participants to Review Beneficiary Designations

It’s important to remind your plan participants to periodically review their beneficiary designations to ensure they still align with their financial goals. The beneficiary designations that they make for their retirement plans will supersede any other estate planning documents, including their wills.

Plan participants may change their beneficiary designation multiple times throughout their careers so it’s important to keep these designations up-to-date especially if they recently experienced a life event such as marriage, divorce or birth of a child.

We Are Here to Help

As always, Spectrum is here to support you and your employees. Please contact your Spectrum representative for additional information or assistance in meeting some of these important compliance deadlines or if you have any questions about your retirement plan participants updating their beneficiary designations.

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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.


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