401(k) Year-End Tips

2016 sq

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
www.grinkmeyerleonard.com

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