Here are some important 2023 dates for starting new retirement plans. Keep in mind these deadlines are for plans with 1/1/2024 start dates.
Deadline to open a new 401(k) Safe Harbor plan is October 1st.
- If adopting a plan for this year you must give participants 3 months to participate. This means the plan has to be adopted and open by October 1st so paperwork should be started no later than August 15th.
- If adopting a plan for 1/1/2024, this is still a good deadline to use to allow room for delays.
Deadline to amend a current 401(k) plan to a Safe Harbor plan is 12/31.
Deadline to switch from a Simple IRA to a 401(k) plan is November 1st and the 401(k) plan has to have an adoption date of 1/1/2024 (cannot adopt for 2023).
- Employers cannot have a Simple IRA and 401(k) in the same plan year for 2023.
- They have to give employees 60 days’ notice before switching.
Solo 401(k) plans have until tax filing deadline + extension.
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