Mark Your Calendar – December 2013 and January 2014
Here are some important dates in the upcoming months. Most of the deadlines are for calendar-year plans; non-calendar-year plans must adjust the dates.
December 2: Give 2014 plan-year notice to eligible employees for safe harbor 401(k) plans and plans containing an eligible automatic contribution arrangement.
- Distribute 2012 401(k) excess contributions and excess aggregate contributions (both adjusted for 2012 income and losses.)
- Set up a retirement plan for 2013 (but can’t have retroactive elective deferrals).
- Distribute 2013 required minimum distributions (plans have until April 1, 2014, to pay the first RMD for a participant who turned 70½ in 2013.)
- Revoke a single-employer defined benefit plan sponsor’s previous election to use a funding balance to offset minimum required contributions for the 2013 plan year, to the extent the election exceeded the full minimum required contribution for the year. This deadline only applies to plans with valuation dates as of the first day of the plan year.
- Elect to reduce January 1, 2013, funding balances to avoid or lift benefit restrictions under
- IRC Section 436 for single-employer defined benefit plans.
- Amend single-employer defined benefit plans to incorporate provisions required under
- IRC Section 436.
January 15: Make the 2013 fourth quarter contributions for defined benefit plans.
- File Form 945, Annual Return of Withheld Federal Income Tax. If you made timely and complete deposits of 2013 taxes, you may file Form 945 by February 10, 2014.
- Trustees and custodians must issue Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., to recipients of 2013 retirement plan distributions.
- Cycle C individually designed plans must amend for recent law changes and may submit the plan for a determination letter.