Retirement Plan Insights
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Important Retirement Plan Dates
| Plan Requirement | Deadline | Penalty for failure to comply | ||
| Form 5500 and Schedules filed with the D.O.L. | 7 months after plan year end unless an extension is filed. |
I.R.S. Penalty - $25 per day (maximum of $15,000 per plan year filing). * D.O.L. Penalty - up to $1,100 per day (no maximum) as determined by the DOL. * * DFVC program available to file late returns at a reduced penalty amount |
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| Form 5500-SF filed with the D.O.L. | 7 months after plan year end unless an extension is filed. | Penalties are the same as those for Form 5500 listed above | ||
| Form 8955-SSA sent to I.R.S. (if necessary) | 7 months after plan year end unless an extension is filed. | $1 per day, with a maximum of $5,000 per plan year. | ||
| Return of Excess Deferrals ( ADP test failure correction) | Without penalty - 2 1/2 months after plan year end. | Excise penalty of 10% of the total "late" correction; Form 5330 must be filed. | ||
| Employer plan year contributions | Due by the date of the employer tax return including extensions. | Employer contributions not deductible for year of tax filing. | ||
| Safe Harbor Notices to employees (existing 401(k) plans) | At least 30 days prior to start of plan year. | Possible plan disqualification, unless corrective steps are taken. | ||
| Form 5558 Extension due (if necessary). | 7 months after plan year end. | |||
| Form 1099-R mailed to participants. | January 31. | $50 per failure, subject to certain exceptions and maximums | ||
| Forms 1096 and 1099-R due to I.R.S. | February 28. | I.R.S. may assess penalties, depending on facts and circumstances. | ||
| Form 945 due to I.R.S. | January 31. (February 10 if all tax deposits have been made timely) | I.R.S. may assess penalties, depending on facts and circumstances. |