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Qualified Plans
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Funding Requirements for Defined Benefit Plans and Money-Purchase Plans
Generally, if your plan is a money purchase pension plan (a defined contribution plan can be either a money purchase plan plan or a profit-sharing plan) or a defined benefit plan, you must pay enough into the plan to satisfy the minimum funding standard for each year.
Determining the required funding requirements for a defined benefit plan is an ongoing and expensive process. Actuaries must be hired to figure out the funding requirement each year.
Quarterly installments of required contributions:
If your plan is a defined benefit plan subject to the minimum funding requirements, you must make quarterly installments of the required contributions.
If you do not pay the full installments timely, you may have to pay interest on any underpayment for the period of the underpayment.
The due dates for installments are 15 days after the end of each quarter. For a calendar-year plan, the installments are due April 15, July 15, October 15, and January 15 (of the following year) unless these dates fall on a weekend or holiday.
Next:
Qualified Plans: Reporting Requirements for Qualified Plans
Related Links
- What Are Qualified Plans?
- Deducting Plan Contributions
- Who Can Set Up a Qualified Plan
- Professional Assistance
- Qualification Rules for Qualified Plans
- Qualified Plan Participation Rules
- Restrictions on Conditions of Participation in Qualified Plan
- Minimum Vesting Standard for Qualified Plans
- Two Kinds of Qualified Plans
- Defined Contribution Plan
- Funding Requirement for Defined Contribution Plans
- Maximum Deductible Percentage for Contributions
- Defined Benefit Plan
- Funding Requirement for Defined Benefit Plans
- Annual Benefit Limit Under a Defined Benefit Plan
- 401(k) Plans
- SIMPLE 401(k) Plans
- Matching Contributions
- Nonelective Contributions
- Limit on Elective Deferrals
- Catch-Up Contributions for a 401(k) Plan
- Employee Compensation Limit
- Form W-2 Reporting for Elective Deferrals
- Automatic Enrollment in a 401(k) Plan
- Limits on Contributions and Benefits
- Contribution Restriction for Self-Employed Persons
- Figuring a Self-Employed Person's Deductible Contributions
- Special Computation for Self-Employed Persons
- Timing Deductible Contributions
- Promissory Notes
- Self-Employed Persons
- Overall Annual Contribution Limit
- Qualified Roth Contribution Program
- Early Distributions From 401(k) Plans
- Qualified Reservist Early Distributions
- Reminders
- Master or Prototype Plans
- Individually Designed Qualified Plan
- Setting Up a Qualified Plan
- Credit for Small Employer Pension Plan Startup Costs
- Credit for Qualified Retirement Savings Contributions
- Discrimination Tests
- Top-Heavy Plan Requirements
- Pension Benefits Guarantee Corporation
- Avoiding Inadequate Funding Problems For Defined Benefit Plans
- Bonding Requirement for Qualified Plans
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