Important Questions to Ask Yourself as You Prepare Your 401(k) Plan for the End of the Year

Important Questions to Ask Yourself as You Prepare Your 401(k) Plan for the End of the Year

Like it or not, the end of 2016 is fast approaching and that means a very busy time for 401(k) plan sponsors. Here are some timely questions to guide you as you close out another year:

Have you delivered the Summary of Material Modifications (SMM) or Summary Plan Description (SPD)?

If your plan was amended in 2015, then you have until September 30th to deliver the SMM or the SPD.
Note: If you filed an extension to your Form 5500, then you have until December 15th.

Have you delivered the 2015 Summary Annual Report (SAR)?

You have until September 30th to deliver the 2015 SAR to your participants.
Note: If you filed an extension to your Form 5500, then you have until December 15th.

Is the Form 5500 filed?

If you filed the appropriate extension (a Form 5558) then you have until October 15th.
Note: You have until October 17th this year since the 15th fails on a Saturday to file your form 5500.

Are you prepared to meet the annual notice requirements?

You have as early as 90 days (October 1st) and up to 30 days (December 1st) before the plan’s year end date to distribute required 2017 notices including Safe Harbor, Qualified Default Investment Alternative, and Automatic Enrollment.
Note: There are other notices including a 404(c) and the 404(a)(5) participant fee disclosure notices that should also be delivered throughout the year.

Are all employer safe harbor contributions in for 2015?

The plan has until the end of 2016 to make safe harbor or Qualified Nonelective Contributions (QNEC).

If you have any questions about these year end requirements or any of the other important functions that occur throughout the year, please reach out to me atjamie@grinkmeyerleonard.com.

 

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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