Retirement Deadline Checklist April

Retirement Deadline Checklist for April 2022

March 31, 2022
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Fulcrum Partners is pleased to share the following retirement deadline checklist report, prepared by the Employee Benefits group at Isler Dare PC.

As we enter April, we want to help you keep a few deadlines in mind.

Your required minimum distribution is the minimum amount you must withdraw from your account each year. You generally have to start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 72 (70 ½ if you reach 70 ½ before January 1, 2020).”

Source: IRS.gov

Deadline April 1, 2022

  • Initial required minimum distribution (RMDs) due from retirement plans to participants who turned 72 or terminated employment (whichever is later) in 2021
  • Complete actuary’s certification of 2022 AFTAP[i] for defined benefit pension plans to avoid the presumption that 2022 AFTAP is 10% less than 2021 AFTAP

Deadline April 15, 2022

  • Fund Q1 2022 contributions to defined benefit pension plans
  • File Form 8928 to report excise taxes for noncompliance with obligation to make comparable HSA[ii] contributions C
  • Complete electronic filing with PBGC[iii] under ERISA[iv] 4010 (notice of underfunding) if AFTAP is less than 80% for 2021, if not previously filed
  • Process distributions of excess 402(g) deferrals from 2021 under 401(k)/403(b) plans

Deadline April 30, 2022

  • Distribute Annual Funding Notice for defined benefit pension plans with more than 100 participants
  • Pay final 2021 comprehensive PBGC premium for defined benefit pension plans that filed an earlier estimated variable rate premium in the October 15, 2021, comprehensive filing with the PBGC

Special Projects

  • Schedule open enrollment planning meetings with brokers and consultants to discuss potential design changes to health and welfare plans for 2023
  • Confirm with plan vendors that quarterly Medicare Secondary Payer (MSP) reports are being filed with CMS[v]
  • Begin 2021 plan year audits for retirement plans and funded welfare trusts
  • Confirm ESOP [vi]trustees are working with valuation firms to begin annual independent appraisal process

[i] Adjusted funding target attainment percentage

[ii] Health Savings Account

[iii] Pension Benefit Guaranty Corporation

[iv] Employee Retirement Income Security Alert

[v] Centers for Medicare and Medicaid Services

[vi]  Employee Stock Ownership Plan


This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Any tax advice contained herein is of a general nature. You should seek specific advice from your tax professional before pursuing any idea contemplated herein.

Securities offered through Lion Street Financial, LLC (LSF) and Valmark Securities, Inc. (VSI), each a member of FINRA and SIPC. Investment advisory services offered through Lion Street Advisors, LLC (LSA) and Valmark Advisers, Inc. (VAI), each an SEC registered investment advisor. Please refer to your investment advisory agreement and the Form ADV disclosures provided to you for more information. VAI/VSI and LSF/LSA are non-affiliated entities and separate entities from OneDigital and Fulcrum Partners.

Unless otherwise noted, VAI/VSI, LSF/LSA are not affiliated, associated, authorized, endorsed by, or in any way officially connected with any other company, agency or government agency identified or referenced in this document.

Lion Street Advisors // Lion Street Financial

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