Below are important dates that plan sponsors should keep in mind for their calendar year-end pension plans.

 

January – February: 

• Plan sponsors should send 2023 data to Corvus Pension Actuaries, LLC as soon as it becomes available.

 

March 15: 

• Corporate tax deadline.

Corporations that aren’t extending their 2023 tax filing must make their 2023 pension contributions before they file their tax returns. Plans can be established for 2023 any time before the plan sponsor files their 2023 taxes.

Corporations that aren’t extending their taxes and hoping to set up a new plan for 2023, must adopt the plan document before they file their tax returns.

• 2023 amendment deadline.

March 15th is the last day to amend a pension plan to increase benefits for the 2023 plan year.

 

April 15: 

• Personal tax deadline.

Businesses, taxed as sole proprietors or partnerships, that aren’t extending their 2023 tax filing must make their 2023 pension contributions before they file their tax returns. Plans can be established for 2023 any time before the plan sponsor files their 2023 taxes.

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Businesses, taxed as sole proprietors or partnerships, that aren’t extending their taxes and hoping to set up a new plan for 2023, must adopt the plan document before they file their tax returns.

 

April – June

• Pension plan participants accrue benefits once they’ve worked at least 1,000 hours in a plan year. For most employees, this occurs sometime between May and June. Plan sponsors who want to lower their 2024 funding requirement should reach out to Corvus Pension Actuaries, LLC between April and June and let us know that they would like to lower or freeze their plan benefit formula before participants cross the 1,000 hour threshold. 

 

July 31

• 2023 Form 5500 filing deadline.

This deadline can be extended to October 15th. 

 

September 15

• 2023 funding deadline.

This is the last day that companies who have extended their taxes, can fund their pension plans for the 2023 plan year. 

 

October 15

• 2023 extended Form 5500 filing deadline and 2024 PBGC premium filing deadline.