The proverb “March comes in like a lion and goes out like a lamb” refers to typical March weather, which improves as the month goes on. Unfortunately, the same is not true for retirement plan and health plan compliance deadlines, as there are a handful that fall in the second half of this month. If these impact plans you are responsible for, be sure to check them off your “to do” list before you head out for spring break:
March 15th
- Deadline for ADP/ACP corrections/refunds without incurring a 10% excise tax on the employer (certain Plans with an Eligible Automatic Contribution Arrangement (EACA) that covers all eligible employees have until June 30th, 6 months after the plan year-end). Impacts Savings (DC) Plans
March 16th
- Deadline for S-Corps and partnerships to make employer contributions to the retirement plan’s trust in order to take deductions with no tax extension. Impacts Pension (DB) Plans
- Deadline to file Forms 1042 and 1042-S, which report to the IRS income tax withheld from distributions made to nonresident aliens and retirement plan distributions made to nonresident aliens. Impacts Pension (DB) Plans & Savings (DC) Plans
March 31st
- Health coverage reporting due to IRS, CA, NJ, and RI. Impacts Health Plans
- Form 1099-R due to IRS if filing electronically. Impacts Pension (DB) Plans & Savings (DC) Plans
If you have questions about these or any other compliance deadlines, please reach out to the Groom attorney you regularly work with or any of the authors of this article for assistance.
