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It’s 401k Testing Season! What Small Businesses Need to Know About 401k Testing

ERISA requires every 401(k) plan to complete certain tests to confirm they do not discriminate in favor of Highly Compensated Employees (HCEs) or exceed IRS limits. Most 401k plans are completing 2015 testing now. All employers should understand testing basics to confirm all necessary tests are completed and any failed tests are corrected. Otherwise, liability is more likely.

Click here to read more »

Does Your Plan Require a 2015 Audit?

Generally, plans with greater than 100 participants must be audited annually by an independent accountant. Once you’ve scheduled your 2015 audit, please let your Client Relationship Manager know ASAP so that we can be sure your accountant has the data they’ll need for a speedy audit.
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Views Protecting 401(k) plan participants through strong fiduciary management

Deadlines

The deadline to distribute any 2015 ADP/ACP test failures in order to avoid a 10% IRS excise tax (applicable to non-safe harbor 401(k) plans only) is March 15, 2016.

March 15, 2016 is also the deadline for corporations to make any employer contributions they want to deduct on their 2015 tax return (assuming no extension).

If your plan is subject to the March 15 deadline, please return a completed 2015 census and survey to your Client Relationship Manager as soon as possible.  2015 ADP/ACP testing and contribution allocations will be completed on a first in, first out basis.
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Download the 2016 Compliance Calendar
Tel. 877-401-5100    Fax. 251-436-0801
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