The current 401(k) plan restatement cycle will close on July 31, 2022; all plan documents need to be not only restated by then, but also certified by the IRS, and adopted by employers.
Up to 1 in 5 job changes results in a missing participant; the DOL has issued guidance that addresses the fiduciary responsibilities of plan sponsors related to these plan participants and beneficiaries.
Plan sponsors must understand and comply with hardship distribution changes in both operations and plan documents before 12/31/21.
Plan sponsors should work with service providers to ensure that CARES Act loans errors as a result of provisions in the Act expiring are crorrected, or take advantage of federal self-correcting programs.
Answers to some of the most common employee benefit plan sponsor FAQs since passage of the CARES Act.