Employee Benefit Plan Resources
As the filing deadline for the Form 5500 rapidly approaches, plan sponsors turn their attention to their institution’s employee benefit plans. Despite the fact that most plans aren’t difficult to administer, it is not uncommon for mistakes to be made such as failing to implement a 401(k) plan’s automatic enrollment provisions, failing the 401(k) ADP and ACP nondiscrimination tests, or properly effecting 401(k) employee deferral elections. Many times these errors are not discovered until a plan has gone through its annual audit*.
Fortunately for plan sponsors and plan administrators, the IRS has provided guidance on correcting common plan administration errors. Fix-it guides are available online for several different types of plans and may be accessed on the IRS website.
In addition to providing assistance with error correction, the IRS provides resources and information regarding plan maintenance as well as filing and reporting requirements which may be found here.
As always, please feel free to contact us for answers to your employee benefit plan questions.
*Note: Not all employee benefit plans require audits. For more information regarding the small plan audit waiver, click here.