📣Attention Business Owners 📣 If you’re utilizing a defined benefit plan, here are some important dates to be aware of this month. 📢Now through December 2nd: - Distribute annual plan notices to participants. 📢December 15th: - If you filed form 5500 on October 15th, this is the extended deadline to distribute the Summary Annual Report. 📢December 31st: - Process corrective distributions for failed ADP/ACP testing - Complete ongoing minimum distributions for 5% business owners and terminated participants. - Complete any amendments to change a traditional 401(k) to a safe harbor design, remove a safe harbor feature, or change discretionary modifications. - Amend plan documents to reflect any discretionary changes made throughout the year. 📢Want help navigating or getting more out of your defined benefit plan? You’re in the right place. Let’s talk!
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