# Getting started

> What we need from you, the deadlines, and what the first year looks like.

Source: https://askactuary.com/get-started  
Author: Mike Rutkowski, FSA, EA, MSPA

A proposal takes a few minutes of your time and some basic census data. Here is what to send, and what happens after.

## The short version

- Send the census data below. We return a proposal showing the contribution range and any staff cost.
- A plan for a given tax year can be adopted as late as that year's tax filing deadline, including extensions.
- Each year after that follows the same cycle, run by the plan's actuary and administrator.

## What to send for a proposal

| Item | Details |
| --- | --- |
| Business | Entity type, tax year end, other businesses under common ownership, any current retirement plans |
| Each owner | Date of birth, date of hire, ownership %, pay for the last 3 years |
| Each employee | Date of birth, date of hire, pay, hours worked, and any family relationship to an owner |
| Goals | Rough contribution budget, and how long you expect to keep the plan |

## From proposal to first contribution

1. **Proposal.** We show the owner contributions and staff costs (if applicable) by plan and type, all in a detailed illustration.
2. **Plan design and documents.** The actuary selects the appropriate design to meet the objectives and the plan document is prepared. Sign the plan document and adoption resolution.
3. **Trust account.** Open an investment account in the name of the plan's trust, with its own EIN.
4. **First valuation.** After year end, the actuary certifies the contribution range.
5. **Deposit.** Contribute within the range by the tax filing deadline to take the deduction.

## The yearly cycle

Timing shown is for a calendar-year plan, in the year after the plan year ends.

| Step | Timing |
| --- | --- |
| Year-end census and asset statements | January – February |
| Actuarial valuation and contribution range | January – July |
| Contribution deposit | March – September 15 |
| Schedule SB and Form 5500-SF (or 5500-EZ for owner-only plans) | By July 31, or October 15 if on extension |
| Annual funding notice to participants, and PBGC premium filing if covered | By October 15 |

## Contact

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Educational information only. Not tax, legal, or investment advice, and not an actuarial valuation.
Questions for the author: https://askactuary.com/get-started · Full guide index: https://askactuary.com/llms.txt