Retirement News for Employers - Winter 2012 - Mark Your Calendar
Stay on top of your retirement plan’s deadlines! Here are some important dates in the upcoming months. Please note that most of these dates are for calendar-year plans; non-calendar-year plans must adjust some of these dates.
February 28: File paper Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., (and Form 1096, Annual Summary and Transmittal of U.S. Information Returns) with the IRS for 2011 distributions
March 15:
- Apply for waiver of 2011 minimum funding standard for single-employer defined benefit plans if the sponsor will not be able to make the required contribution and there is reason to believe that the sponsor will meet the conditions necessary to qualify for a funding waiver
- Distribute 2011 ADP/ACP excess amounts, with earnings, to highly compensated employees to avoid 10% excise tax (June 30, in the case of certain eligible automatic contribution arrangements)
- File Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, and Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons, with the IRS to report retirement plan distributions and income tax withheld from distributions made to nonresident aliens
- Make 2011 corporate employer contributions to be eligible to take a tax deduction for 2011 (if no tax return filing extension)
March 31: Have a single-employer defined benefit plan actuary certify the Accumulated Funding Target Attainment Percentage for 2012 to avoid a potential 10% decrease in the presumed AFTAP from prior year
April 1: Pay required minimum distribution to participants who retired or turned 70½ in 2011 and didn’t receive their first RMD in 2011 (see plan terms)
April 2: Electronically file Form 1099-R with the IRS for 2011 distributions
April 15:
- Return 2011 participant salary deferrals, with earnings, in excess of $16,500 ($22,000, if age 50 or older)
- Make first quarterly contribution installment for single-employer defined benefit plans for the 2012 plan year
- Make 2011 self-employed individual and partnership employer contributions to be eligible to take a tax deduction for 2011 (if no tax return filing extension)
