2023 Plans: Key Dates

If a client is setting up a new qualified plan for the 2023 tax year, note these key dates. If you already have a proposal, you are ahead of the curve – but the proposal may not be valid if you and your client delay… 

• October 1: New Safe Harbor 401(k) plans must be established and ready to receive employee deductions. If your proposal contains a Safe Harbor 401(k) plan, your client will need to decide whether or not to move forward within the next few weeks!
• November 2: Employees and trustee must be notified of a SIMPLE plan termination for 2023. If your client has a SIMPLE plan in 2023 and wants a different plan for 2024, the SIMPLE plan must be terminated prior to January 1, 2024.
• December 2: For those clients with a 2023 Safe Harbor 401k plan, the employees must receive the annual Safe Harbor notice. 

Stay on track and ahead of the game – make sure you know the next due date so you and your clients don’t miss out on their qualified plan opportunity!