Deposit timing of employee deferrals and loan repayments: As soon as identifiable. For small plans the DOL will consider the deposit timely if it is made within 7 business days. For plans with more than 100 eligible participants, they will expect the deposit sooner, around 3 business days. The DOL will expect you to prove why you cannot make your deposits within these time frames. Penalties and lost earnings paid to your participants will result if the deposits are “late”. The penalties are due on a form 5330 filing. Late deposits also much be reported on your form 5500 which could cause a DOL audit. Please call us if you have any questions.
5500 filing – due the last day of the 7th month beginning after the end of the plan year or 2 ½ months after the original filing deadline date (if extended). Late filing fees will apply if deadline dates are not met.
Request for extension to File 5500 Series – is due on the original date of the filing of the 5500.
Corrective Distributions for Failed ADP/ACP Non-Discrimination Testing WITHOUT 10% Excise Tax – If ADP/ACP testing fails for the plan year, corrective distributions must be made by 2 ½ months after the plan year-end for relief from the 10% excise tax.
Corrective Distributions for Failed ADP/ACP Non-Discrimination Testing WITH 10% Excise Tax or QNEC contribution – If ADP/ACP testing fails for the plan year, corrective distributions or QNEC contributions are due prior to the end of the last day of the plan year following the year of failure. 10% excise tax would be due with form 5330 filing prior to the last day of the 15th month after the plan year-end to which the corrective distributions relate.
Corrective Distributions for 402(g) (Excess Deferrals) – Must be distributed prior to April 15th of the calendar year following the calendar year of excess. Penalties will apply if not corrected timely.
Summary Plan Description – Due to be provided to the participant within 90 days of becoming a participant.
Summary Annual Report – Due to be provided to the participants prior to the last day of the 9th month beginning after the end of the plan year (or as extended)