Qualified Plans Compliance Overview and Services
"Explore the 2022 and 2023 qualified plan limits, compliance services timeline, year-end data requirements, and core services for HCE/Key determination. Stay informed for a successful year-end compliance review."
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Presentation Transcript
Year-End Compliance Review Compliance Services 1
Overview 2022 & 2023 Qualified Plans Limits Compliance Services Timeline Year-End Data Requirements Compliance Core Services Additional Non-Core Services 2
Qualified Plan Limits 2022 2023 Elective Deferral Limit 402(g) $20,500 $22,500 Catch-up Contribution Limit 414(v) $6,500 $7,500 Annual Additions Limit 415(c) $61,000 $66,000 Compensation Limit 401(a)(17) $305,000 $330,000 Highly Compensated Employee 414(q) $135,000 $150,000 Key Employee Officer Compensation 416(i) $200,000 $215,000 Social Security Taxable Wage Base $147,000 $160,200 3
Compliance Services Timeline Event Census data request packet First follow-up e-mail Census data deadline Excess ADP/ACP refund deadline IRC 402(g) letter (failures only) Second follow-up e-mail Census data deadline (QACA, EACA & Safe Harbor) Excess ADP/ACP refund deadline (EACA) IRS Form 5500 (if data rec d by 04/01/18) IRS Form 5558 partial/extension letter IRS Form 5500 deadline IRS Form 5500 E-File reminder IRS Form 5500 E-File reminder IRS Form 5500 deadline w/extension Non-responsive client letter Anticipated Date December 1, 2022 January 15, 2023 January 31, 2023 March 15, 2023 April 15, 2023 April 15, 2023 April 30, 2023 June 30, 2023 July 14, 2023 July 31, 2023 July 31, 2023 September 4, 2023 October 3, 2023 October 15, 2023 November 1, 2023 4
Year-End Data Requirements Guaranteed testing results by March 15th if all items below received by January 31st, and if subject to ADP and/or ACP testing: Census Data - Request census file via PSC (if applicable to your plan) - Compile/review census data - Upload census via PSC Ownership Information (not applicable for 403(b) plans) - Ensure all owners are included - Ensure all family members of owners are included Year-End Questionnaire - All answers for applicable services 5
Compliance Core Services HCE/Key Determination Top Heavy Determination - for 401(k) plans only 414(s) Compensation Ratio Testing Plan Deferral Limits (HCE and NHCE) 402(g) monitoring 414(v) Age 50 Catch-Up Re-characterization 410(b) Coverage Testing 415(c) Annual Additions ACP non-discrimination testing for 403(b) plans ADP & ACP non-discrimination testing for 401(k) plans Email notification of testing results summary Plan Service Center delivery of results and storage 6
Compliance Core Services Employer Contribution Verification Match Verification for annual computation Match limit monitoring (excess only) Safe Harbor non-elective verification Non-Elective monitoring (pro-rata and excess only) E-File ready IRS Form 5500 Preparation Assist with auditor and plan sponsor questions Assist with responding to DOL/IRS inquiries Reconcile conversion assets - for 401(k) plans only 5500 Filling status Other Compliance Services On-Demand Compliance Testing IRS Form 5330 excise tax reporting for refunds made after deadline 7
Additional Non-Core Services Other Compliance Services Revised testing due to revised plan census data Multiple scenario allocations and illustrations Assistance with self-correction methods Benefit, Rights & Features (BRF) and 401(a)(4) testing Assistance with late IRS Form 5500 filings (DFVC program) Compliance non-core services may incur additional fees. 8
