Calendar

Confirm the individual who will sign the Form 5500 for the past year is registered with EFAST with signing credentials.

Confirm new loans and end of loan terms on existing loans. Notify payroll. Are loan payments being deposited into the correct “source” of the participant’s account? For example, if loan was taken from the rollover account, the loan payments are to be deposited to the rollover account.

Schedule and conduct second-quarter fiduciary meeting.

Confirm new loans and end of loan terms on existing loans. Notify payroll. Are loan payments being deposited into the correct “source” of the participant’s account? For example, if loan was taken from the rollover account, the loan payments are to be deposited to the rollover account.

Deadline to process corrective distributions for failed ADP/ACP test from 401(k) plan with an eligible automatic arrangement (EACA); otherwise a 10% excise tax penalty may apply.

Confirm new loans and end of loan terms on existing loans. Notify payroll. Are loan payments being deposited into the correct “source” of the participant’s account? For example, if loan was taken from the rollover account, the loan payments are to be deposited to the rollover account.

If plan amended last year, provide Summary of Material Modifications (SMM) within 210 days after the end of the plan year in which the amendment was adopted.

Plan audit is required for large plans. It will accompany 5500 when filed.

Deadline for filing IRS Form 5558 to request an automatic extension for Form 5500 (for PYE 12/31).

Remind plan participants to review their designated beneficiary each year. Marital status change. Additional children. Parent deceased.

Confirm new loans and end of loan terms on existing loans. Notify payroll. Are loan payments being deposited into the correct “source” of the participant’s account? For example, if loan was taken from the rollover account, the loan payments are to be deposited to the rollover account.

Schedule and conduct third-quarter fiduciary meeting.

Extended deadline for funding deductible contributions and corporate tax returns.

Summary Annual Report (SAR) must be provided to participants by this date if the Form 5500 was not placed on extension. If extended, the SAR to be provided by 12/15.

If plan has a safe harbor provision, this is the first date you may distribute the required safe harbor notice for the following plan year. The notice must be distributed sometime between 90 and 30 days prior to the beginning of the plan year.

Review and ensure all the annual Required Minimum Distribution payments have been or will be made on or before 12/31. Double check for additional employees who turned age 70+ this year.

Extended deadline for final deductible contribution deposits and the filing of tax returns for unincorporated businesses (sole proprietors and partners) that obtained an extension.

Deadline for adopting a retroactive amendment to correct a discrimination failure in the plan pursuant to plan coverage rules (401(b)) or comparable benefits requirements (401(a)(4)).

Extended deadline for filing Form 8955-SSA if a calendar year plan year and there are former participants required to be reported.

Extended deadline for filing Form 5500 if a calendar year plan year.

Confirm you have each employee’s date of birth on record.

If plan has a safe harbor provision, this is the last date you may distribute the required safe harbor notice for the following plan year. The notice must be distributed sometime between 90 and 30 days prior to the beginning of the plan year.

If plan has an Automatic Contribution Arrangement (ACA), distribute the annual required notice by this date.

If plan offers a Qualified Default Investment Alternative (QDIA), distribute the required annual notice.

Schedule and conduct fourth-quarter fiduciary meeting.

Don’t forget to check your plan document to see how 401(k) deferrals are treated when an employee receives a bonus check. If the employee is deferring a percentage of his pay, chances are you must take a 401(k0 deferral from his bonus check.

Summary Annual Report (SAR) must be provided to participants by this date if the Form 5500 was extended.

Last day for completing and adopting amendments for discretionary plan provision changes implemented during the plan year. Be careful, not all plan provisions can be amended retroactively.

Deadline for processing corrective distributions for prior year failed ADP or ACP tests with 10% excise tax.

Deadline to deposit a Qualified Non-elective Contribution (QNEC) for correcting a failed ADP or ACP for the prior year.

Annual Required Minimum Distributions (RMD) must be taken before the end of each year.

Be sure to maintain a copy of the prior year payroll register totals by employee to assist with the completion of the annual census reporting.