Annual compliance deadlines at a glance

Why do compliance deadlines matter?

Compliance deadlines are designed to help retirement plans operate fairly, accurately, and in accordance with federal regulations.

Missing a required filing or deadline can result in:

• Financial penalties
• Additional administrative costs
• Required corrective actions
• Increased regulatory scrutiny
• Disruption to plan operations

A compliance calendar can make it easier to stay organized and ensures important deadlines are not overlooked.

Common annual compliance responsibilities

Although every retirement plan is different, many plan sponsors should expect to complete several recurring compliance tasks throughout the year, including:

• Reviewing employee eligibility and enrollment
• Depositing employee salary deferrals on a timely basis
• Completing annual nondiscrimination testing, when applicable
• Reviewing employer matching or profit-sharing contributions
• Filing required annual government reports
• Providing required participant notices
• Reviewing plan documents for any required amendments or legislative updates

Working proactively throughout the year often makes these responsibilities much easier to manage than waiting until right before the deadlines.

Filing Form 5500

One of the most significant annual compliance requirements for many retirement plans is filing Form 5500.

Form 5500 provides information about your retirement plan to the federal government, including details about the plan's financial condition, operations, and service providers.

Example: If your retirement plan operates on a calendar-year basis, Form 5500 is generally due by the end of July following the close of the plan year, although eligible plans may request an extension.

Preparing the necessary information well in advance can help avoid last-minute filing issues.

Participant notices

Many retirement plans are required to provide participants with certain notices throughout the year. Depending on your plan design, these may include information about:

• Automatic enrollment
• Safe harbor provisions
• Qualified Default Investment Alternatives (QDIA)
• Annual fee disclosures
• Other required participant communications

Providing these notices on time helps employees understand their retirement benefits and satisfies important regulatory requirements.

Annual plan review

In addition to meeting regulatory deadlines, many plan sponsors conduct an annual review of their retirement plan. Topics commonly reviewed include:

• Investment performance
• Plan fees and expenses
• Service provider performance
• Employee participation rates
• Average contribution levels
• Employer matching contributions
• Fiduciary governance and documentation

An annual review provides an opportunity to identify improvements that may enhance the plan for both the organization and its employees.

Keep up with changing regulations

Retirement plan rules continuously evolve as new legislation and regulatory guidance are introduced.

Contribution limits, catch-up contribution rules, required notices, and other compliance requirements may change from year to year. Staying informed about these changes helps make sure your plan stays in compliance and continues to operate without unnecessary disruptions. Partnering with experienced retirement professionals can make it easier to understand new requirements as they arise.

Create a compliance calendar

Maintaining a compliance calendar is one of the best ways to ensure you won't miss any deadlines. Your calendar might include:

• Government filing deadlines
• Participant notice deadlines
• Annual plan reviews
• Contribution deadlines
• Required compliance testing
• Meetings with your retirement plan advisor or administrator

A structured schedule helps reduce last-minute stress and ensures important responsibilities receive the attention they deserve.

The bottom line

Annual compliance is a mandatory part of successfully sponsoring a retirement plan. Staying ahead of important deadlines helps protect your organization, supports your fiduciary responsibilities, and provides employees with a well-managed retirement benefit. If you'd like help managing compliance deadlines, reach out to one of our advisors today.