Stay Ahead of Deadlines with Help from our Annual Compliance Calendar
As we approach the end of 2024, there are plenty of important deadlines to be mindful of. Staying on top of these deadlines contributes to the ongoing compliance of your plan and provides a seamless experience for your employees.
New SECURE Act 2.0 | Long-term part-time employees
Starting in the 2025 plan year, the SECURE Act 2.0 lets part-time employees who've worked at least 500 hours for two consecutive years join the company's 401(k) plan. Here's a quick guide for employers:
- January 1, 2025: Part-time employees who work 500 hours/year for 2 consecutive years are eligible to participate in the company’s 401(k) plan.
- Check your records: Look at your employee data to see who'll be eligible.
- Talk to them: Once you know who's eligible, tell them about their new 401(k) options.
Doing this early helps get your part-time employees smoothly onboard with their new benefits.
Q4 Compliance Highlights*
- December 15
- If on extension, deadline for distributing SAR to participants*
- December 31
- Processing corrective distributions for failed ADP/ACP test to avoid the 10% excise tax
- Correcting a failed ADP/ACP test with qualified nonelective contributions (QNECs)
- Converting existing 401(k) plan to safe harbor non-elective design for current plan year
- Amendment to remove or convert to safe harbor status for next plan year
- Amending plan for discretionary changes implemented during plan year (certain exceptions apply)
- RMDs due under IRC Section 401(a)(9) to avoid penalties
Click to Download: 2024 Compliance Calendar
Compliance deadlines can be a lot while balancing your typical plan sponsor duties. At Exceed Wealth and Retirement, we are here to support you every step of the way.
Click to: Meet with an Advisor
* The deadlines in this calendar are for plans with calendar-year plan years. If the filing deadline falls on a Saturday, Sunday, or legal holiday, the DOL provides that filing dates are delayed until the next business day. This calendar is intended to provide plan sponsors with a list of notable deadlines and is not a substitute for consultation with ERISA counsel, and in no way represents legal advice.
Sheldon Nix, WMCP®, RICP®, C(k)P®, QPFC® and Christopher Bozzuto, CFP®
Email: Sheldon.Nix@AdviserFocus.com
Cell: 916-475-4633
Office: 916-306-7107
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Exceed Wealth and Retirement Group
100 Howe AVE Suite 120-S
Sacramento, CA 95825
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This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance.
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