Part Two: Testing and Valuation This is a continuation of a previous post. If you have not read part one, which covers checking census data and balancing asset statements, you will want to do so before you continue reading. You can find Part One here . When all the data is in, everything matches, and it all balances as it should, the Consultant can begin testing. If the plan fails testing, the Consultant first checks that there are no coding errors that caused the plan to f

Part One: Gathering Census Data and Balancing Asset Reports If you sponsor a retirement plan for your employees, you will soon discover that the bulk of the government compliance work done by your Third Party Administrator (TPA) occurs in the first quarter of each year. Your duties as a Plan Sponsor will also become more demanding during that time as you gather the required data and have more frequent communications with your TPA. We often get questions on why the TPA is re

At this time of year, there is a lot of focus on your retirement plan. Your administration team is focused on gathering data, completing various compliance tests, and setting your plan up for another successful year. You are likely focused on all your fiduciary responsibilities that get more demanding during this time. Disruptions of any kind may make it much more difficult for you and your administration team. One of the primary disruptions to accomplishing the necessary pla

Your 401(k) plan census contains important information about your employees. This information is used to complete the annual census.

401(k) contributions result in tax advantages. As such, it is important that the 401(k) plan benefits all employees...