Retirement Deadline Checklist for April 2022
The Executive Benefits Team is pleased to share the following retirement deadline checklist report, prepared by the Employee Benefits group at Isler Dare PC.
As we enter April, we want to help you keep a few deadlines in mind.
Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020).”Source: IRS.gov
Deadline April 1, 2022
- Initial required minimum distribution (RMDs) due from retirement plans to participants who turned 72 or terminated employment (whichever is later) in 2021
- Complete actuary’s certification of 2022 AFTAP[i] for defined benefit pension plans to avoid the presumption that 2022 AFTAP is 10% less than 2021 AFTAP
Deadline April 15, 2022
- Fund Q1 2022 contributions to defined benefit pension plans
- File Form 8928 to report excise taxes for noncompliance with obligation to make comparable HSA[ii] contributions C
- Complete electronic filing with PBGC[iii] under ERISA[iv] 4010 (notice of underfunding) if AFTAP is less than 80% for 2021, if not previously filed
- Process distributions of excess 402(g) deferrals from 2021 under 401(k)/403(b) plans
Deadline April 30, 2022
- Distribute Annual Funding Notice for defined benefit pension plans with more than 100 participants
- Pay final 2021 comprehensive PBGC premium for defined benefit pension plans that filed an earlier estimated variable rate premium in the October 15, 2021, comprehensive filing with the PBGC
- Schedule open enrollment planning meetings with brokers and consultants to discuss potential design changes to health and welfare plans for 2023
- Confirm with plan vendors that quarterly Medicare Secondary Payer (MSP) reports are being filed with CMS[v]
- Begin 2021 plan year audits for retirement plans and funded welfare trusts
- Confirm ESOP [vi]trustees are working with valuation firms to begin annual independent appraisal process
[i] Adjusted funding target attainment percentage
[ii] Health Savings Account
[iii] Pension Benefit Guaranty Corporation
[iv] Employee Retirement Income Security Alert
[v] Centers for Medicare and Medicaid Services
[vi] Employee Stock Ownership Plan
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