Timely Tips: Retirement Plan Owners Need to Know These December Deadlines
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The end of the calendar year is a busy time for retirement plan owners and these deadline dates should not be missed. Continue reading to learn more:
December 31st is the deadline for individuals who own Traditional, SEP and SIMPLE IRAs and are age 70 1/2 or older to distribute their Required Minimum Distribution (RMD). Failure to distribute means a 50 percent penalty on any undistributed amounts.
December 31st is also the deadline for employers who are choosing to establish a brand new Individual 401(k) for the current calendar year. To establish the plan for the year, the employer must have signed and dated the plan documents by December 31st of 2016.
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