Hurry! The Door is Closing on 2023 Plan Deadlines

2023 Plans: Actions Needed Now

In order to establish a retirement plan with Lafayette Life that is deductible for the 2023 tax year, plans must meet the following Lafayette Life internal deadlines: 

July 15:

• Final Proposal – Proposal finalized and signed copy provided to LLIC Retirement Services. Proposal request form is available here.
• Installation Paperwork – Installation paperwork fully completed and submitted to LLIC Retirement Services. Installation packet is available here.

August 15:

• First Year Funding – We are targeting to have employer contributions for all 2023 plans funded by August 15*. 

Plans can be adopted up until the due date (including extensions) of the company’s tax return. In order to ensure our Retirement Services team has sufficient time to create and set up your plan, please follow the deadlines detailed above. 

2024 Plans: Looking Forward

If the client is setting up a new qualified plan for the 2024 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 2024. If your client has a SIMPLE plan in 2024 and wants a different plan for 2025, the SIMPLE plan must be terminated prior to January 1, 2024.
• December 2: For those clients with a 2024 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! A helpful guide to these dates is available below.