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®, QKA
Retirement Plan Specialist
Grinkmeyer Leonard Financial
1950 Stonegate Drive / Suite 275 /Birmingham, AL 35242
Office: 205.970.9088 / Toll-Free: 866.695.5162