A recent article from Employee Benefit Advisor suggested some steps Plan Sponsors should take to prepare their plan for the New Year

  • Review with plan advisors those elements of the plan that worked and solutions to the issues that were encountered in 2013
  • Ensure employees who became eligible to participate in the plan in the 4th quarter of 2013 receive enrollment forms for the 2014 enrollment window
  • Deposit employee contributions and loan repayments to comply with DOL requirements
  • Send payroll census data to the Plan recordkeeper for compliance testing
  • Update bond coverage to cover the plan’s new asset total as of the Plan’s year-end
  • Review and revise the list of Plan fiduciaries and their responsibilities and confirm each fiduciary’s understanding of his/her responsibilities