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How to Manage Your Retirement Plan

How to Manage Your Retirement Plan

August 08, 2023

When you start a retirement plan, in order to enjoy its tax benefits, you agree to a set of responsibilities that may seem overwhelming. But there’s a way to make it all a lot easier. 

How to Establish a System to Manage Your Responsibilities

Set up a checklist to make sure every “i” is dotted and every “t” is crossed, and review it at regularly scheduled times. Here’s what to include:

  • Plan document is current and operates according to its terms
  • Plan covers a sufficient number of rank-and-file employees
  • All employees are notified about their eligibility to participate in the plan and their rights under the plan
  • Employee salary deferral contributions and loan repayments are deposited timely

Compliance with the qualified retirement plan rules and regulations can be a daunting task. Together, we can navigate the complexities of the qualified planning world and proactively address any compliance hot buttons. Reach out today to discuss.

For use with plan sponsors only.