Upcoming Compliance Deadlines for Calendar-Year Plans
The CARES Act gives the DOL the authority to delay retirement plan deadlines due to public health emergencies. The dates above are in effect as of the date of this publication.
Spring will arrive soon, promising new growth and a fresh beginning. It could also be the perfect time to do some spring cleaning for your plan. Let’s look at some areas that you might consider reviewing to ensure your retirement plan is operating efficiently.
Document your processes and procedures to make certain that plan tasks can be handled in case of any absences during an enrollment or pay period. Having a backup in place can prevent errors and delays that could lead to penalties.
Cybersecurity has become a necessary consideration in many aspects of life, and your retirement plan is no exception. For plan sponsors, understanding your responsibilities—as well as those of the third party administrators (TPAs) and recordkeepers that you work with—is a fundamental part of ERISA (Employee Retirement Income Security Act) compliance and the fulfillment of your fiduciary responsibilities.
An employer-sponsored retirement plan is an extremely valuable benefit a company can offer its employees. At the heart of this benefit is the plan document—the official rulebook that explains exactly how the plan works. For plan sponsors, understanding this document isn’t just helpful; it’s essential.
