Avoid The Year-End Rush – 5 Proactive 401(k) Plan Administrative Steps To Take Now

Anyone responsible for the administration of a 401(k) retirement plan probably has a "to-do" list that never ends. For example, as soon as a plan administrator files the Annual Report Form 5500 for the prior year, it is time to start planning to distribute the Summary Annual Reports and annual fee and QDIA notices to participants. As the end of the calendar year approaches, here is a list of action items you might want to consider taking now to ensure they are addressed by year-end.

1. Change in Ownership – Talk to your employee benefits counsel about any changes to the ownership of the plan sponsor or related companies. This includes if the plan sponsor or any member of its controlled group, trades or businesses under common control, or affiliated service group (as defined under Internal Revenue Code (IRC) Section 414) (aggregated group) has undergone any acquisitions, mergers, addition of new subsidiaries, or sales of any group members. Such changes may require the