| Entity* | Month(s) | Task | Description | Responsibility | Due Date** | Notes | |||
|---|---|---|---|---|---|---|---|---|---|
| CC | SC | P | SP | ||||||
| ✓ | November | Request Retirement Plan Proposal | Submit initial census, employer information and funding goals | Employer / Advisor | November 1 | ||||
| ✓ | November-December | Design Retirement Plan | Provide various contribution scenarios and recommended plan design to optimize funding goals. Prepare plan documents. | TPA | November - December | ||||
| ✓ | November-December | Open Retirement Accounts | Vendor forms completed and submitted to establish 401(k) retirement accounts | Advisor | November - December | ||||
| ✓ | December | Execute Plan Documents | Last day to execute 401(k) Plan Documents | Employer | December 31 | ||||
| ✓ | ✓ | December | Fund final deferral contributions | Owner's final deferral contributions run through payroll | Employer | December 31 | Should be deposited by January 7 | ||
| ✓ | ✓ | January - February | Submit census information | Complete census information submitted | Employer / Advisor | February 15 | |||
| ✓ | ✓ | March | Fund Employer Contributions | Last day to fund ER Contributions | Employer | March 15*** | Form 1065 and 1120S Return deadline | ||
| ✓ | ✓ | January - March | Submit census information | Complete census information submitted | Employer / Advisor | March 15 | |||
| ✓ | ✓ | April | Fund Employer Contributions | Last day to fund ER Contributions | Employer | April 15*** | Schedule C and Form 1120 Return deadline | ||
| ✓ | ✓ | April | Fund Deferral Contributions | Last day to fund Owner's Employee Deferral Contributions | Employer | April 15*** | Form 1040 deadline | ||
| ✓ | ✓ | January - August | Submit census information | Complete census information submitted | Employer / Advisor | August 15 | |||
| ✓ | ✓ | September | Fund Employer Contributions - On Extension | Last day to fund ER Contributions if company return is on extension | Employer | September 15*** | Form 1065 and 1120S Return extended deadline | ||
| ✓ | ✓ | January - September | Submit census information | Complete census information submitted | Employer / Advisor | September 15 | |||
| ✓ | ✓ | October | Fund Employer Contributions - On Extension | Last day to fund ER Contributions if company return is on extension | Employer | October 15*** | Form 1120 and Schedule C extended deadline | ||
| ✓ | ✓ | October | Fund Deferral Contributions - On Extension | Last day to fund Owner's Employee Deferral Contributions | Employer | October 15 | |||
| ✓ | November | Request Estimated Calculations | Estimate employer contribution scenarios for current year | Employer / Advisor | November 1 | ||||
* CC = C-Corp | SC = S-Corp | P = Partnership | SP = Sole Proprietor
** Dates shown assume a January 1 – December 31 plan year and calendar year tax years.
*** IRS deadline extended to the next business day if due date falls on weekend or legal holiday (Internal Revenue Code Section 7503)
