SALES: 2023 Compliance Calendar

Your Guide to 2023's Critical Retirement and Health Plan Compliance Dates

ABOUT HORAN

HORAN WEALTH

From succession planning to retirement readiness to strategic investments, HORAN’s dedicated team of financial advisors are here to guide you toward a successful future. Our financial planning experts provide insights rooted in industry best practices throughout each stage of the process, from plan design to ongoing education and engagement, with personal support and guidance along the journey.

While implementing plans that drive healthy savings among employees and providing personalized advisory services to individuals approaching retirement readiness, HORAN’s dedicated team is with you every step of the way. As an advisor, our role is clear—we work with your committee, your plan participants and your chosen recordkeeper to build a well-designed and well-run plan that best meets the needs of your workplace culture.

HORAN HEALTH

HORAN is different. We provide all the strategic benefits planning and execution you expect, but we do it with an unmatched laser focus on outcomes and amplified agility powered by our need to always do more for our clients.

Our fierce, independent advisors leverage data paired with insightful analysis to deliver practical recommendations to build your benefit strategies. We deliver innovation paired with specialized expertise to drive positive results for your organization and your employees. That combination is what makes us the best in the region and contributes to our standout client retention. We're proud to say we have a 95% client retention rate for the past three years, compared to an 86% industry average.

Since 1948, HORAN has served as an independent and trusted advisor—providing health benefits consulting, retirement plan consulting, wealth management and life insurance solutions.

The information contained in this document is informational only and is not intended as, nor should it be construed as, legal or accounting advice. Neither HORAN nor its consultants provide legal, tax nor accounting advice of any kind. We make no legal representation, nor do we take legal responsibility of any kind regarding regulatory compliance. Please consult your counsel for a definitive interpretation of current statute and regulation and their impact on you and your organization.

HORAN BY THE NUMBERS

75 Years

of commiting to provide legendary service to both our local and national clients.

300,000

individuals depend on HORAN for their Health, Wealth & Life needs.

600+ in collective assets under management and advisement as of 12/9/2022.

$3.14 Billion*

companies look to HORAN for guidance on their employee benefits strategies.

$6.5 Billion of HORAN clients’ employees rely on HORAN for retirement planning consultation and advice.

20,000

in employer provided group life insurance.

$1.5 Billion

in individual life insurance coverage.

160

employees dedicated to controlling health care costs, protecting wealth and insuring life for our clients.

*This number represents a combination of Regulatory Assets Under Management as well as assets for which we advise on but do not actively manage.

Terence L. Horan, CLU, ChFC, CAP President and Chief Executive Officer

AT HORAN, WE BELIEVE OPTIMIZED HEALTH AND FINANCIAL WELL-BEING ESTABLISHES A BETTER QUALITY OF LIFE FOR OUR CLIENTS, HELPING THEM TO ACHIEVE THEIR DREAMS.

" "

JANUARY

The John A. Roebling Bridge Cincinnati, Ohio

75% of sponsors promote their retirement plan to drive employee acquisition and retention. 91% get help from their advisors to do so.

- Fidelity 2022 Plan Sponsors Attitude Survey Results

• Deadline for sending form 1099-R to participants who received distributions during 2022.

• Provide employee census data to recordkeeper/TPA.

• Deadline for reporting aggregate cost of health coverage on employee W-2s (applicable to employers issuing more than 250 W-2s per year).

See Compliance Notes

Sponsors report higher health care costs affecting other benefits; 94% are making changes as a result.

- Fidelity 2022 Plan Sponsors Attitude Survey Results

Retirement Plan Compliance Dates Health Plan/Medicare Compliance Dates Retirement and Health Plan Compliance Dates

Early February: Fourth Quarter 2022 investment performance available for review.

February 14:

Deadline for providing Fourth Quarter individual benefit statements to participants in participantdirected plans. The quarterly fee disclosure due under the participant fee disclosure rule is also due on this date and can be included in the statement.

February 28:

• Deadline for filing Form 1099-R in paper form with IRS to report distributions made in 2022 (or by March 31 if filing electronically).

• Affordable Care Act information returns (Forms 1094-B, 1094-C, 1095-B, 1095-C) due to IRS if filing paper.

MARCH

See

57% of sponsors implemented a financial wellness program in the past two years and 74% find them very impactful.

March 1: For calendar year plan, deadline for online reporting of the creditable status of plan’s prescription drug coverage to the Centers for Medicare and Medicaid Services.

March 2: Deadline for furnishing Form 1095-B and 1095-C to employees.

March 15:

• Deadline for processing corrective distributions for failed ADP or ACP tests without incurring 10% excise tax.

• Deadline for filing S-Corporation and partnership tax returns and contribution deadline for deductibility (without extension) for companies operating on calendar year basis.

• Deadline for requesting automatic extension (to September 15) for S-Corporation and partnership tax returns.

• Deadline for contribution deductibility (without extension) for S-Corporations and partnerships.

March 31:

• Deadline to file Form 1099-R in electronic format with the IRS to report distributions made in 2022 (or by February 28 if not filed electronically).

• Affordable Care Act information returns (Forms 1094-B, 1094-C, 1095-B, 1095-C) due to IRS if filing electronically.

APRIL

MegaCorp Pavillion Newport, Kentucky

Cincinnati Music Hall Cincinnati, Ohio

One-third of consumers' incomes goes toward paying debt.

- Statista Research Department, April 8, 2022. Personal Debt in The U.S. - Statistics & Facts

Retirement Plan Compliance Dates Health Plan/Medicare Compliance Dates Retirement and Health Plan Compliance Dates

Early May:

• First Quarter 2023 investment performance available for review.

• Schedule auditor if plan requires an annual audit.

May 15: Deadline for providing First Quarter individual benefit statements to participants in participant-directed plans. The quarterly fee disclosure due under the participant fee disclosure rule is also due on this date and can be included in the statement is also due on this date and can be included in the statement.

JUNE

74% of sponsors find financial wellness programs very impactful.

- Fidelity 2022 Plan Sponsors Attitude Survey Results

Retirement Plan Compliance Dates Health Plan/Medicare Compliance Dates Retirement and Health Plan Compliance Dates

June 1st:

RxDC reports, a transparency requirement of the Consolidated Appropriations Act 2021, covering 2022 prescription drug data collection due to CMS.

June 30: Deadline for processing corrective distributions for failed ADP and ACP tests from plan with Eligible Automatic Contribution Arrangements (EACA) without 10% excise tax.

JULY

Cincinnati Union Terminal Cincinnati, Ohio

See Compliance Notes

The average household credit card debt in 2021 was $5,315.

- Fidelity 2022 Plan Sponsors Attitude Survey Results

Retirement Plan Compliance Dates Health Plan/Medicare Compliance Dates Retirement and Health Plan Compliance Dates

July 29:

Deadline* for sending Summary of Material Modification if plan changes were made (210 days after the end of the plan year in which the amendment was adopted).

July 31:

• Deadline for providing Second Quarter individual benefit statements to participants in participantdirected plans. The quarterly fee disclosure due under the participant fee disclosure rule is also due on this date and can be included in the statement.

• Deadline for filing Form 5330 – return of excise taxes related to Employee Benefit Plans – used to report and pay excise taxes on prohibited transactions and excess 401(k) plan contributions which occurred in prior year.

• IRS “Cycle 3” required amendment and restatements must be completed.

• Deadline for insurers and self-funded health plans to pay Patient Centered Outcome Research Institute fees on Form 720.

• Deadline* for filing Form 5500 (without an extension) or deadline for filing Form 5558 to request automatic extension of time to file Form 5500 (2½ months).

* Deadlines apply to calendar year plans – deadlines will be different for non-calendar plan years

• 5500 standard filing deadline is the last day of the seventh month following the end of the plan year unless an extension was filed

• SAR standard distribution deadline is the last day of the ninth month following the end of the plan year unless an extension was filed

• A Form 5558 extends the above deadlines by 2 ½ months

AUGUST

Dublin Irish Festival Dublin, Ohio

93% of sponsors expect to make changes to their investment lineups in 2022.

- Fidelity 2022 Plan Sponsors Attitude Survey Results

Early August: Second Quarter 2023 investment performance available for review.

August 1:

Deadline for providing individual benefit statements to participants in plans that do not have an extension for filing Form 5500 and do not allow for participant direction of investments.

August 14:

Deadline for providing Second Quarter individual benefit statements to participants in participant-directed plans. The quarterly fee disclosure due under the participant fee disclosure rule is also due on this date and can be included in the statement.

SEPTEMBER

Cincinnati Zoo & Botanical Gardens

Cincinnati, Ohio

The average monthly Social Security Benefit payment for retired workers is $1,669.

- SSA.gov Monthly Statistical Snapshot June 2022

September 15:

• Extended deadline for filing S-Corporation and partnership tax returns and contributions deadline for deductibility.

• Deadline for filing Form 5500 where corporate or partnership tax year and plan year are the same and a corporate or partnership tax year extension has been granted.

• Deadline for providing individual benefit statements to participants in non-participant directed plans where the corporate or partnership tax years are the same, and an extension for filing Form 5500 has been granted.

September 30:

• Medical Loss Ratio rebates due (if any) from insurers to employers with insured plans.

• Deadline* for distributing Summary Annual Report (SAR) to participants, provided deadline for Form 5500 was not extended (later of nine months after close of plan year or two months after due date for Form 5500).

* Deadlines apply to calendar year plans – deadlines will be different for non-calendar plan years •

OCTOBER

BLINK Cincinnati 2022 Cincinnati, OH

Photo: Hunter Neilan

The average US consumer owes $23,325 in debt.

- Personal Debt in The U.S. - Statistic & Facts 2022

October 2:

• Prepare/send notices for deminimus cash outs.

• Earliest date for providing the annual 401(k) safe-harbor, QACA safe harbor, QDIA, EACA or ACA notice.

October 14:

Deadline for distributing Medicare Part D creditable coverage notices to plan participants.

October 15:

Medicare Open Enrollment begins and lasts until December 7, 2023.

October 16:

• Extended deadline for filing C Corporation and individual tax returns and contribution deadline for deductibility.

• Extended deadline* for filing Form 5500 if Form 5558 was filed.

October 31:

• Evaluate whether any plan document amendments need to be adopted prior to year-end or for the upcoming plan year and notify recordkeeper of such so they may prepare the paperwork.

• Ensure provider has up-to-date demographic and status information for sending out year-end notices.

• Ensure ERISA fidelity bond is in place for upcoming plan year and meets minimum requirements.

• Ensure fiduciary insurance is adequate and any changes to fiduciaries are documented.

* Deadlines apply to calendar year plans – deadlines will be different for non-calendar plan years

• 5500 standard filing deadline is the last day of the seventh month following the end of the plan year unless an extension was filed

• SAR standard distribution deadline is the last day of the ninth month following the end of the plan year unless an extension was filed

• A Form 5558 extends the above deadlines by 2 ½ months

NOVEMBER

Wright-Patterson Air Force Base Dayton, Ohio

Employees whose financial stress has increased due to the pandemic are twice as likely to have taken a loan from retirement accounts or are considering postponing their retirement.

- PricewaterhouseCoopers, Employee Financial Wellness Survey, 2021

Retirement Plan Compliance Dates Health Plan/Medicare Compliance Dates Retirement and Health Plan Compliance Dates

Early November: Third Quarter 2023 investment performance available for review.

November 14:

Deadline for providing Third Quarter individual benefit statements to participants in participant-directed plans. The quarterly fee disclosure due under the participant fee disclosure rule is also due on this date and can be included in the statement.

DECEMBER

Columbus Zoo and Aquarium Columbus, Ohio

- Fidelity 2022 Plan Sponsors Attitude Survey Results

December 1:

• Deadline for adopting Safe Harbor 3% for existing plans for the 2023 plan year.

• Latest date for providing 2024 401(k) safe-harbor, QACA safe-harbor, QDIA, EACA or ACA notices.

• Process deminimus cash outs.

• Process forfeiture assets per the plan document to participants if Form 5558 was filed.

• Deadline for adopting Safe Harbor 3% for existing plans for the 2023 plan year.

December 7: Medicare Open Enrollment ends.

December 15: Extended deadline for distributing Summary Annual Report (SAR) to participants if Form 5558 was filed.

December 31

• Deadline for processing corrective distributions for failed 2022 ADP and ACP tests with 10% excise tax.

• Deadline for amendment to convert existing 401(k) plan to safe-harbor design or remove safe-harbor status for next plan year.

• Required Minimum Distributions due under IRC Section 401(a)(9).

• Deadline for amending plan for changes implemented during the plan year.

• At least annually, participants, eligible employees and beneficiaries with the right to direct investment of their account must receive the annual disclosures required under the participant disclosure rules.

• Deadline for correcting a failed 2022 ADP/ACP test with qualified non-elective contributions (QNEC).

77% of sponsors reported advisor has spoken to them about financial wellness programs, compared to 71% in 2021.

Investment Advisory Services offered by HORAN Wealth Management, an SEC registered investment adviser.

The information contained in this document is informational only and is not intended as, nor should it be construed as, legal or accounting advice. Neither HORAN nor its consultants provide legal, tax nor accounting advice of any kind. We make no legal representation, nor do we take legal responsibility of any kind regarding regulatory compliance. Please consult your counsel for a definitive interpretation of current statute and regulation and their impact on you and your organization.