Transcription of 401(k) PLAN Fix-It Guide
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6/17/2014 1 401(k) plan Fix-It Guide Mistake Find the Mistake Fix the Mistake Avoid the Mistake 1) You haven t updated your plan document within the past few years to reflect recent law changes. (More) Review the annual cumulative list to see if the plan has all required law changes (see Notice 2013-84). Adopt amendments for missed law changes. If you missed the deadline to adopt an amendment you may need to use the IRS correction program. Use a calendar that notes when you must complete amendments. Review your plan document annually. Maintain regular contact with the company that sold you the plan . 2) You didn t base the plan operations on the terms of the plan document. Failure to follow plan terms is a very common mistake. (More) Conduct an independent review of the plan document provisions compared to its operation. Apply reasonable correction method that would place affected participants in the position they would ve been in if there were no operational plan defects.
6/17/2014 1 401(k) Plan Fix-It Guide Mistake Find the Mistake Fix the Mistake Avoid the Mistake 1) You haven’t updated your plan document within the past few years
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