What Do I Need To Know About Retirement Plan Deadlines?

What Do I Need To Know About Retirement Plan Deadlines?

You may have gone through all of our retirement articles and Podcast episodes and found the perfect retirement plan for you. Now you need to know some deadlines around that.

When do you need to implement the plan by?

When do you need to fund the plan by?

We are going to outline exactly that here today!

By the way, if you are still pondering which retirement plan is right or you need help setting one up, we work directly with Life, Inc Retirement Services. Email us for an introduction or visit this page. 

Retirement Plan Deadlines or Dates To Remember

You will want to be sure to give yourself ample amount of time to ensure not running up on a deadline.

  • January 1 – Start Of Plan Year
    • This is the start of the plan year for most retirement plans that are on a calendar year schedule. 
  • April 15 – IRA
    • Deadline for IRA implementation or contributions for previous tax year.
  • October 1 – Safe Harbor 401k + Simple IRA
    • Deadline to implement these plan types for current tax year.
  • October 15 – 401(k) Plan + SEP IRA
    • Deadline to implement and contribute towards all 401(k) plans in the employER portion or a SEP IRA (tax filing date including extensions).
    • NOTE: September 15 for Partnerships and S Corporations
  • November 1 – Switching From Simple IRA to 401(k)
    • Deadline for 60-day notice to employees of switching from a Simple IRA to a 401(k) for the next tax year.
  • December 31 – 401(k) Plan – EmployEE Portion
    • Deadline for implementation and contributions for employees to contribute towards a 401(k) plan for current tax year.

What Else Should I Know?

Some other key things to know about retirement plans in general.

  • You can only have one company retirement plan in place at one time.
  • You cannot make a change within a calendar year, you must wait until January 1.
    • Ex: Lets say you have a SIMPLE IRA but want to move to a Safe Harbor 401k. You would be able to do that but you could need to wait until January 1 to make the official change.
  • Don’t wait, get on top of it early. The last thing you want to be doing is scrambling close to a deadline and missing out.

If you are looking for professional advice and help in this area, we work directly with Life, Inc Retirement Services. Email us for an introduction or visit this page. 

On the link above you can setup a call to connect with an expert and get started right away. There is also a retirement plan evaluator which will guide you towards the best plan for your business.

If you don’t have an accounting or tax advisor (or you need assistance with anything discussed), click here to book your complimentary strategy session with JETRO.