Defined Contribution Deadline

DECEMBER 31:

►Deadline for processing corrective distributions for failed 2023 ADP/ACP test with 10% excise tax.
►Deadline for correcting a failed 2023 ADP/ACP test with qualified nonelective contributions (QNEC).
►Deadline to execute amendment to remove Safe Harbor status for 2025.
►Deadline to execute discretionary amendments implemented during plan year (certain exceptions apply, e.g., adding salary deferrals, cutting back accrued benefits).
►Deadline to deposit Safe Harbor Non-Elective contributions for the 2023 plan year.
►Deadline to deposit Top Heavy contributions if applicable for the 2023 plan year.
►Deadline for self-employed (sole proprietor or partners) owners to execute their “401K Salary Deferral Election.”