Upcoming Compliance Deadlines

May 2023

15th:  Quarterly Benefit Statement – Deadline for participant-directed plans to supply participants with the quarterly benefit/disclosure statement including a statement of plan fees and expenses charged to individual plan accounts during the first quarter of 2023.

June 2023

30th:  EACA ADP/ACP Corrections – Deadline for processing corrective distributions for failed ADP/ACP tests to avoid a 10% excise tax on the employer for plans that have elected to participate in an Eligible Automatic Enrollment Arrangement (EACA).

July 2023

29th:  Summary of Material Modifications (SMM) – An SMM is due to participants no later than 210 days after the end of the plan year in which a plan amendment was adopted.

31st:  Due date for calendar year end plans to file Form 5500 and Form 8955-SSA (without extension).

31st:  Due date for calendar year end plans to file Form 5558 to request an automatic extension of time to file Form 5500.