Sponsoring a Defined Contribution (DC) plan like a 401(k) or 403(b) plan can be complicated and very few employers have the luxury of dedicating significant resources to keep up with all the deadlines. That’s why hiring an experienced plan advisor and TPA (Third Party Administrator) is critical. Though these partners will do most of the heavy lifting, it’s still important for employers to know what needs to be done and to make sure it’s actually happening.
Noted TPA Employee Fiduciary has created a simple but complete checklist for end of year tasks as well as well as 2016 obligations covering:
- Nondiscrimination testing
- Reporting to the government
- Participant disclosure
- Maintenance of Plan Docs
In addition, there are a number of important ad hoc tasks that may not have deadlines but are nonetheless important.
As management gurus often say, you can’t manage what you can’t measure. So if you want to know if your plan advisor and TPA are doing a good job, this DC compliance checklist is a good start.
