Deadline before SECURE Act:
On or before the end of the year.
Deadline after SECURE Act:
Your tax filing deadline (with extensions).
Congress passed The SECURE Act in December 2019. It contained a number of provisions that related to retirement plans. One of the provisions give businesses more time to adopt a plan.
Before the SECURE Act, a business needed to sign the plan document on or before the end of the year (12/31 for a calendar year plan) in order to qualify for the tax deduction.
After the SECURE Act, a business has until their tax filing deadline with extensions to sign the plan document and qualify for the tax deduction. Note for a Cash Balance Plan, the deadline is 9/15 even if your tax return with extension is not due until 10/15.
Under Wendy’s direction, the Retirement Plan Consulting group at Lurie has evolved from primarily serving in-house tax and accounting clients to a stand-alone practice. Wendy joined the firm in 1996 and has helped grow her team five-fold, and increased the number of plans served from 150 to more than 500. She specializes in designing qualified retirement plans for small to mid-sized business clients, and providing ongoing technical advice and helping clients get to solutions that they may not have known were possible.
Jeremy specializes in the administration and design of Defined Benefit Plans, both traditional and cash balance. Understanding the various moving pieces with retirement plans, Jeremy thrives on technical conversations with clients. He is interested in getting to know his clients and their businesses, develops rapport quickly, and focuses on building positive relationships.