Retirement Plan Employer Deadlines – July 31

Retirement Plan Employer Deadlines – July 31

2020 Form 5500 Deadline (Calendar Year Plans) – July 31, 2021

The deadline to file Form 5500 Annual Return/Report of Employee Benefit Plan (including Forms 5500-SF and 5500-EZ) for the 2020 calendar year is July 31, 2021. Please contact Darin Fullmer for assistance with filing Form 5500 for your company’s retirement plan.

Safe Harbor 401(k) Implementation Deadline – October 1, 2021

Employers looking to implement and adopt a safe harbor 401(k) plan for the 2021 plan year must do so by October 1, 2021. In exchange for offering a mandatory, fully vested employer contribution, a safe harbor 401(k) allows company owners and highly compensated employees to maximize their salary deferral contributions and avoid the annual non-discrimination testing requirement.

Keep in mind that the process for fully implementing and integrating a safe harbor 401(k) plan takes 4-6 weeks on average, so it is necessary to start the process no later than August 15, 2021 to comply with the October 1, 2021 deadline. Please contact Darin Fullmer with any inquiries regarding the implementation of a safe harbor 401(k) plan. 

Post-PPA Document Restatement Deadline – July 31, 2022

Defined contribution (401(k), profit-sharing, etc.) plan documents are required to be restated, approved by the IRS, and officially adopted by sponsoring employers every 6 years. This restatement process allows for plan document provisions to be updated for legislative changes and amendments since the previous restatement cycle. In addition, the restatement process is an ideal time for sponsoring employers to evaluate their retirement plans and adopt any discretionary amendments (eligibility, vesting, employer contributions, etc.) as necessary. 

The deadline to restate your defined contribution plan documents is July 31, 2022. Haynie & Company utilizes a pre-approved IRS plan document, and we can help you restate your plan documents and keep you in compliance. In addition, Haynie & Company can help you administer your retirement plan on an annual basis. Please contact Darin Fullmer with any retirement plan document restatement inquiries.

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