Census Basics and Ensuring Census Accuracy

The census is prepared by the plan sponsor on an annual basis and includes the social security number, name, date of birth, date of hire, number of hours worked during the year, date of termination (if applicable), yearly compensation (which needs to meet the definition of compensation in the plan document), employee contribution for the …

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Participant Education

Benefit plan sponsors have an obligation to educate their participants about the plan and how the plan fits into their investment needs for their retirement.  You should educate your employees about how your plan works – things like when are they eligible, how they can make changes to their investment plan or their withholdings, etc, …

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Filing status of returns/reports submitted through the EFAST2 system

As we approach the upcoming heavy filing season for Form 5500 (or Form 5500-SF), and the second year under the requirement to file these returns using the electronic EFAST2 system, it is important to understand the various filing statuses to monitor the status of your submission. Users of the EFAST2 system can expect to encounter …

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Is Your 401(k) Plan Operating According to Your Plan Document?

When was your 401(k) plan last amended or restated? Were there any processes that needed to be implemented or changed as a result? Have these processes been communicated to the employees involved with servicing your plan? Most plans rely heavily on their third-party administrators to ensure their plans are in compliance with ERISA and their …

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