Upcoming 401(k) Adoption Deadlines for 2021
You've made up your mind that you are going to start a new 401(k) for your business. That's great news, but knowing these important deadlines for 2021 can help make sure you have no delays. Let's walk through these important dates.
September 15th
Deadline for S-Corps or Partnerships that filed for tax extensions to start a Traditional 401(k) with profit sharing contributions for the 2020 tax year.
October 1st
Deadline to start a Safe Harbor 401(k) plan for 2021.
October 15th
Deadline for C-Corps and Sole Proprietorships that filed for tax extensions to start a Traditional 401(k) with profit sharing contributions for the 2020 tax year.
November 2nd
Deadline to notify your employees that you'll be replacing your SIMPLE IRA plan with a 401(k) plan for the 2022 tax year. If you miss this deadline, the earliest you'll be able to start a 401(k) will be in 2023.
A 401(k) plan offers benefits that will help you not only attract but keep good employees at your company. Hiring a financial advisor to help establish and maintain a retirement plan can put you at ease and confirm that you’re checking all the boxes.
Questions on how to start? Schedule a call now!
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