Pension
Trends Volume II, No. 1, February 2001
Pension
Trends Volume II, No. 1, February 2001
In this issue...
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Event Calendar for Defined Benefit Plans
Independent Actuaries, Inc. specializes in design and administration of defined benefit pension plans. We take care of all the details, including calculating minimum and maximum contributions, designing retroactive amendments to control contribution amounts and preparing all government filings.
As is the case with all issues affected by tax and labor law, defined benefit plans must comply with various deadlines. Below is a summary of key deadlines for the defined benefit plan of a typical small employer. This checklist is designed to aid CPAs and plan sponsors in meeting plan operational deadlines.
|
Event |
Deadline |
If Plan Year Ends |
|
Submission of employee and plan financial data |
Requested by IAI in last month of year Submit to IAI as soon after that as possible |
As soon
as possible after 12/31/2000
The sooner IAI receives the information, the sooner we can begin work on the plan |
|
Retroactive amendment to control prior year's funding, if necessary |
Adopt within 2 1/2 months of end of plan year |
By 3/15/2001 to affect 2000 funding requirements |
|
Deposit of deductible contribution for prior fiscal year |
Deadline, including extensions, for filing business tax return |
3/15/2000
for most corporations, 9/15/2001 with extension Assumes plan year and fiscal year are the same. |
|
Deposit of minimum required contribution |
8 1/2 months after end of plan year |
9/15/2001 |
|
Quarterly contribution deposits In some instances a requirement to make minimum contributions quarterly applies |
Middle of 4th, 7th and 10th months of the plan year and middle of 1st month of next plan year |
4/15/2000, 7/15/2000, 10/15/2000, 1/15/2001 |
|
Form 5500 or 5500-EZ Due (due with extension) |
7 months after plan year ends (9 1/2 months after plan year ends) |
7/31/2001 (10/15/2001) |
|
Summary Annual Report to Participants |
60 days after Form 5500 due date |
9/30/2001, or 2/15/2001 if Form 5500 is extended |
|
PBGC Form 1 Due Professional corporations with fewer than 25 employees and businesses employing only the owner and spouse are exempt |
9 1/2 months after plan year begins, or, for a new plan, 90 days after plan is adopted, if later |
10/15/2001 |
In addition to the above events that occur annually, the following events which also have reporting deadlines, may occur: minimum required distributions to participants, tax reporting to participants for required or voluntary distribution and tax reporting to the IRS for required or voluntary distributions to participants.
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