Retirement Plan Compliance Calendar 2023
Click here to download 2023 DC Compliance Calendar (PDF) | Click here to download 2023 DB Compliance Calendar (PDF)
For Instructions on how to download these compliance reminders to your outlook calendar - Click here
Deadlines
January
Dec 31 Review 2023 Plan Limits
February
March
April
May
June
July
August
September
October
Dec 2 Distribute Annual 401(k) Plan Safe Harbor Notice
Dec 2 Distribute Qualified Default Investment Alternative (QDIA) Notice
Dec 2 Distribute Annual Automatic Enrollment Notice
Dec 2 403(b) Annual Contribution Notice
November
December
Quarterly Updates
Q1 Plan Sponsor Checklist
Year-End Data Request: Plan sponsors should submit plan year-end data for 2022 Non-Discrimination Testing and the 2022 Form 5500 to their plan service provider (this is usually submitted between January and the beginning of February, however, plan sponsors should check in with their service provider to confirm deadline dates). It is important to submit data timely as refunds may need to be processed for HCEs by the IRS deadline on March 15th in the event of a non-discrimination testing failure. If refunds are processed after the IRS deadline a 10% penalty will apply. Additionally, if your plan qualifies as a large plan, please contact your Independent Qualified Public Accountant (IQPA) to initiate the audit process required for the plan Form 5500. Typically a plan covering more than 100 participants at the beginning of the plan year is considered a large plan and will require a plan audit. However, if the plan meets the conditions of the 80 to 120 Participant Rule, it may file as a small plan. Under this rule, if the number of participants covered under the plan as of the beginning of the plan year is between 80 and 120, and a small plan annual report was filed for the prior year, the plan administrator may elect to file as a small plan.
Business Planning: Consider any changes to business and staffing needs that may affect the company retirement plan and inform your USICG consultant so they can assist you in evaluating your retirement plan needs (mergers/acquisitions, etc.). Please refer to the following Mergers & Acquisitions guide for additional information pertaining to mergers & acquisitions and retirement plans. >Click here
Tax Saver's Credit: Educate employees that fall within specific salary ranges on their qualification for an IRS tax savers credit (please refer to Q1 Employee Communications resources).
Plan Review: Work with USI and your plan recordkeeper to review 2022 year-end plan statistics and discuss goals for the retirement plan in 2023.
Education Strategy: Collaborate with USI and your plan recordkeeper to devise an employee education plan and communication calendar for 2023.
Q1 Plan Sponsor Literature & Education
Fiduciary Governance: The purpose of this communication is to provide some general principles regarding the plan governance structure for retirement plans.>Click here
Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans.>Click here
Market and Legal Updates: >Click here
Q1 Employee Communications
Tax Saver's Credit: an employee education literature piece regarding the IRS Tax Savers Credit that employees may qualify for if they fall within a certain salary range. >Click here for 2023 Credit | >Click here for 2022 Credit
>A Better Way to Use Your Tax Refund: How to use your tax refund to help improve long-term financial well-being.
>Understanding Your 401(k) Plan: This flyer provides information on the importance of reviewing retirement accounts periodically to evaluate whether appropriate investments and savings are being considered.
In addition to the employee communications noted above, please feel free to check out our Learning Station Website to access additional employee education materials and webinar announcements.
Q2 Plan Sponsor Checklist
2022 IRS Form 5500 & IRS Form 5558: Ensure all information for 2022 Form 5500 & IRS Form 8955-SSA preparation has been submitted in to your plan service provider. Plan sponsors with large plans (100 employees or more) should schedule a plan audit. If your plan requires a plan audit or you require more time to submit the Form 5500 & Form 8955-SSA, you should ensure that a Form 5558 will be filed by July 31, 2023 to enable you an extension to submit your final Form 5500 & Form 8955-SSA by October 15, 2023.
Non-Discrimination Testing Review: Review 2022 Non-Discrimination Testing Results with your USI Consultant and discuss whether mid-year testing or plan design changes like Automatic Enrollment or Safe Harbor should be considered.
Schedule Employee Education Meetings: Discuss employee education meeting strategy/topics and best timing for scheduling meetings.
Q2 Plan Sponsor Literature & Education
Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans. >Click here
Market and Legal Updates: >Click here
Plan Sponsor Literature: Attention to Detail and Regulatory Changes Can Help Minimize Retirement Plan Errors - This literature piece notes the steps plan sponsors should take to help limit plan errors, correct plan deficiencies and mitigate audit risk. >Click here
Q2 Employee Communications
Beneficiary Designations - This education piece helps employees to understand the importance of having and maintaining beneficiary designations. >Click here
Investing Diversification - This education piece focuses on the importance of diversification. >Click here
In addition to the employee communications noted above, please feel free to check out our Learning Station Website to access additional employee education materials and webinar announcements.
Q3 Plan Sponsor Checklist
2022 IRS Form 5500 & IRS Form 8955-SSA: Plan sponsors are required to finalize their plan 2022 Form 5500 & IRS Form 8955-SSA and submit it into the IRS by July 31, 2023. If more time is required for a plan audit, plan sponsors should ensure that their plan provider will submit Form 5558 into the IRS by July 31, 2023 to ensure an extension will be granted. Once the extension has been filed, the new deadline date for submitting the 2022 Form 5500 & Form 8955-SSA will be October 15, 2023.
SMM: The Summary of Material Modifications (SMM) is a plan-language description of the material changes to the plan or SPD (Summary Plan Description). Plan Administrators must furnish the SMM or an updated SPD to each participant and beneficiary no later than 210 days after the end of the plan year in which the plan amendment is adopted (by July 29th for calendar year plans). Please consult with your provider or USI Consultant to determine whether an SMM or SPD needs to be distributed to participants for plan amendments that became effective in 2023.
Auto-Enrollment & Safe Harbor Plan Design Changes: Plan sponsors who wish to adopt automatic enrollment provisions or a safe harbor plan, effective January 1, 2023, should finalize discussions towards the beginning of October with USICG and their service provider to ensure sufficient time for amendments and annual notice distribution requirements. Please refer to the following Comparison of Safe Harbor and Auto Enrollment Options Chart to learn more information pertaining to these plan design options: >Click here
Fiduciary Training: Plan Fiduciaries should consider receiving Fiduciary Training from a USI Consulting Group ERISA Benefits Counsel periodically to review fiduciary responsibilities and best practices. If training has not already been scheduled, please contact your USICG Consultant to request access to training.
Q3 Plan Sponsor Literature & Education
Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans. >Click here
Market and Legal Updates: >Click here
Plan Sponsor Literature: Plan Sponsors Can Do More to Improve Retirement Readiness - This literature piece goes over the steps plan sponsors can take to help improve retirement readiness for their employees. >Click here
Q3 Employee Communications
Roth - If your 401(k) plan offers a Roth option you may want to provide this Q&A education piece to your employees to assist them in understanding how Roth contributions work. >Click here
Reach/Budget - This literature piece discusses the importance of maintaining a budget to meet financial goals. >Click here
Reach/Loans - This education piece goes over what employees should consider prior to taking a 401(k) loan. >Click here
Save More - Encourages employees to save more in their retirement account to help achieve retirement planning goals. >Click here
In addition to the employee communications noted above, please feel free to check out our Learning Station Website to access additional employee education materials and webinar announcements.
Q4 Plan Sponsor Checklist
2022 IRS Form 5500 & IRS Form 8955-SSA Extension Deadline: Plan sponsors who were granted an extension to file the 2023 IRS Form 5500 & IRS Form 8955-SSA by filing a Form 5558 are now required to submit the final 2021 Form 5500 & Form 8955-SSA by October 15, 2023 (including auditor's report for large plans). Typically a plan covering more than 100 participants at the beginning of the plan year is considered a large plan and will require a plan audit. However, if the plan meets the conditions of the 80 to 120 Participant Rule, it may file as a small plan. Under this rule, if the number of participants covered under the plan as of the beginning of the plan year is between 80 and 120, and a small plan annual report was filed for the prior year, the plan administrator may elect to file as a small plan.
Annual Notices: Plan sponsors that have adopted plans with automatic enrollment or safe harbor provisions should contact their service provider to ensure annual notices are distributed 30-90 days prior to the beginning of the plan year. In addition, the participant notices noted below must be distributed by the following deadline dates:
Summary Annual Report (SAR) - The SAR for 2022 must be distributed to all participants by September 30, 2023 unless an extension was granted to file the 2022 Form 5500. If an extension was granted, the 2022 SAR will need to be distributed to all participants by December 15, 2023.
Annual 404(a)(5) Participant-Level Fee Disclosure - This disclosure is required to be distributed no later than 14 months from the last time it was distributed to participants (In 2014, the DOL granted a 2 month grace period after the 12 month required timeframe for distributing these disclosures).
Qualified Default Investment Alternative Notice (QDIA) - Plans containing a default fund that qualifies as a QDIA, are required to provide an annual notice 30-90 days prior to the beginning of the plan year in order for the default fund to be recognized as a QDIA by the DOL. The DOL will provide additional liability protection to plan sponsors as it relates to the plan default fund if it is designated as a QDIA.
403(b) Universal Availability Notice: An annual notice is required to be provided to all employees in 403(b) plans, except for Church plans.
Flexible Discretionary Matching Contribution Notice: Plans that provide a Flexible Discretionary Matching Contribution are required to provide a notice to participants no later than 60 days after the final discretionary matching contribution is provided for the plan year.
2023 Discretionary Amendments: Amendments for plan design changes that became effective in 2023 need to be formally adopted by December 31, 2023. Plan sponsors should ensure they maintain executed copies of all plan amendments and restatements.
Mandatory Cash-outs, Forfeiture Accounts & ERISA Budgets: Plan sponsors should work with their providers to coordinate mandatory cash outs of small plan balances prior to year end. In addition, plan sponsors should review balances for their forfeiture account and ERISA Budget with their provider and USI Consultant to ensure they are utilized appropriately.
Q4 Plan Sponsor Literature & Education
Retirement Plan Spotlight Newsletter: Periodic newsletter and legislative updates designed to highlight various employee benefit matters relating to Defined Contribution and Defined Benefit plans. >Click here
Market and Legal Updates: >Click here
Plan Sponsor Literature: Fiduciary Fundamentals for ERISA Plan Sponsors - This literature piece goes over the four basic fiduciary duties under ERISA that plan sponsors should adhere to. >Click here
404(c) Compliance: This communication provides information pertaining to 404(c) guidance for plan sponsors >Click here
Q4 Employee Communications
Understanding Tax Benefits: This education piece helps employees understand the importance of saving in their retirement plan to take advantage of tax deferred compounding. >Click here
Reach/November Budget: Budgeting tips to consider when planning for holiday shopping. >Click here
Reach/December Budget: Checklist to aid employees in meeting retirement and financial goals in the New Year. >Click here
In addition to the employee communications noted above, please feel free to check out our Learning Station Website to access additional employee education materials and webinar announcements.
Fiduciary Resources
Fiduciary Checklist - Checklist of- important considerations that Plan Fiduciaries should keep in mind. >Click here to download Fiduciary Checklist PDF
Also view our Plan Governance Presentation that includes practices fiduciaries can implement to help them be compliant and to administer the retirement plan in an efficient manner.
Investment Reviews - As noted in the Fiduciary Checklist it is important for plan sponsors to periodically monitor the investment options within the retirement plan. We help plan sponsors with this by providing periodic investment reviews and updates on the market. By logging into the USIA Website, clients will have access to client-specific investment review reports, investment policy statements, monthly market updates and detailed information regarding our consulting services and team. www.usiadvisorsinc.com
First-time users will need to register by clicking on the following link located on the website: New User Register - >Click Here.
When registering you will be required to enter in a Client ID Number. If you do not have your Client ID Number, please contact your USICG Account Manager. If you have any issues logging into the client-specific section of the website, please contact webmaster@usicg.com.
Reasons for Benchmarking Plan Fees - These literature pieces provide information on the importance of periodically benchmarking plan fees and services. Click the following for more information: >Support for Plan Fiduciaries | >What You Don't Know About 401(k) Fees Can Hurt You
Participant Notice Glossary and Inventory - These tools can aid plan sponsors in providing required participant notices throughout the plan year. Click the following for more information: >Participant Notice Glossary | >Participant Notice Inventory
IRS Cost of Living Adjustments for 2024 - The Internal Revenue Service has announced annual cost-of-living adjustments applicable to pension and profit sharing plans, effective January 1, 2024. In accordance with legislative guidelines, these limitations are adjusted annually to reflect changes in the cost-of-living index. The guidelines are similar to those used to adjust Social Security benefits. Click the following for more information: >IRS COLA 2024
For plan sponsor use only.
Retirement plan sponsors are responsible for compliance with many ongoing reporting, disclosure and notice requirements. This Retirement Plan Compliance Calendar summarizes the major requirements that apply to Defined Contribution ("DC") plans for 2021. Due dates are based on a calendar year plan year and are applicable to plans subject to the Employee Retirement Income Security Act of 1974 ("ERISA"). Please contact your USI Consulting Group representative if you have questions regarding these requirements and their application to your plan(s).
* Dates shown assume a January 1 - December 31 plan year and calendar year tax years. IRS deadline extended to the next business day if due date falls on weekend or legal holiday (Internal Revenue Code Section 7503).
Initial Participant Fee Disclosure: Provide initial fee disclosure to newly eligible participants on or before the date the participant can first direct their investments.
Annual Participant Fee Disclosure: Provide annual fee disclosure to active participants. (Annual notice is required to be provided to participants within 14 months of the prior year notice)
Quarterly Participant Fee Disclosure: Provide quarterly fee disclosure to participants at least quarterly (every calendar quarter).
Disclosure of any change in fees: Provide disclosure of any change in fees to participants (as required - at least 30 days, but no more than 90 days prior to the effective date of the change).
This Calendar has been prepared for informational purposes only and is not designed to be a comprehensive analysis of any topic discussed herein and should not be relied upon as the only source of information. Neither USI nor its affiliates and/or employees/agents offer legal or tax advice. Prior to acting on this information, we recommend that you seek independent advice specific to your situation from a qualified legal/tax professional.
The information provided herein is general in nature and should not be considered legal advice. Consult an attorney regarding your plan's specific legal situation.