401(k) Year-End Tips

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As the end of the year  is quickly approaching, here are some ideas that you can share with your plan sponsors of items that they should be aware of.

  • Annual notices are due at least 30 days before the plan year end.  These include Safe Harbor, QDIA, 404(c), and automatic enrollment notices
  • Add a Safe Harbor provision.  If the plan annually fails compliance testing, then a Safe Harbor plan design could be a good option.
  • Research alternative plan designs for possible tax deferral including non-qualified deferred compensation plans and cash balance plans.
  • Review the plan design for possible changes including adding a Roth option or amending your plan’s cash out provisions.
  • Make sure all Required Minimum Distributions have been processed.

– Jamie Kertis, AIF®, QKA / Retirement Plan Specialist

Jamie Kertis, AIF®, QKAjamie kertis headshot
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162

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