Frequently Asked Questions
How do I apply for a Fidelity Bond?
Please visit Colonial Surety Company to learn more about obtaining a Fidelity Bond.
What are the current funding limits?
Please refer to this annual cost of living adjustment chart for current annual limits.
When is my employer contribution funding deadline?
You can make deductible contributions for a tax year up to the due date of your business tax return (plus extensions) for that year.
When is my filing deadline?
Employee benefit plans are required to file annual reports (Form 5500) by the end of the seventh month following the end of the plan year, with a 2 ½ month extension available. For calendar year plans, the initial due date is July 31, and the extended due date is October 15 for those filing Form 5558 prior to the initial due date, July 31.
How do I get my Employer Identification Number?
Please click here to apply for your Employer Identification Number.
Who is required to take a required minimum distribution (RMD) and how is it calculated?
For defined contribution plans, RMDs must be taken April 1 of the year following the later of the year you turn 70 ½ or the year you retire (if allowed by your plan). If you are a 5% owner, you must start RMDs by April 1 of the year following the year you turn 70½.
After the first RMD, you must take subsequent RMDs by December 31 of each year beginning with the calendar year containing your required beginning date.
The required minimum distribution for any year is the account balance as of the end of the immediately preceding calendar year divided by a distribution period from the IRS’s “Uniform Lifetime Table.” A separate table is used if the sole beneficiary is the owner’s spouse who is ten or more years younger than the owner. You can access worksheets to calculate the required amount here. Please note that GSA will calculate the RMD for you.
You can read more about RMDs here.
What are forfeitures?
The nonvested portion of a participant's account, which can be reallocated to existing participants, used to offset employer contributions or used to pay administrative expenses. Please consult your plan document for specific limitations.