We look forward to talking with with you.
Contact us today!
It is hard to believe, but the end of the year is rapidly approaching! To avoid costly errors that can arise from inadvertent errors in the year-end crush, plan sponsors should begin talking with their service providers now about what must be done before December 31, 2022.
Retirement Plan Disclosures. There are a host of notices and disclosures that need to be made throughout the year. However, there are several notices generally given at the end of the year. The following is a list of common year end disclosure requirements for retirement plans:
These notices should be carefully reviewed to ensure all provisions are included and accurate and reflect all updates made in the past year. Keep in mind that vendor-prepared and distributed notices are often computer-generated and may not accurately reflect special features of a plan (particularly if you use an individually designed plan or have any special addenda or special effective dates for your preapproved plan).
For a retirement plan, ineffective or incorrect notices may result in confusion among participants as well as errors and penalties. Be sure you know what notices are required, review all notices carefully, and address any concerns or questions with your trusted team of service providers.