Work in the Time of COVID-19: FAQs for Employers

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Yet again, the end of the year is rapidly approaching!  To avoid costly penalties that can arise from inadvertent errors in the year-end crush, plan sponsors should begin talking with their service providers now about what must be done before December 31, 2019.

Retirement Plan Disclosures

As a quick reference, following is a list of common year-end disclosure requirements for retirement plans:

Keep in mind that vendor-prepared and distributed notices are often computer-generated and may not accurately reflect special features of your plan (particularly if you use an individually designed plan or have any special addenda for your preapproved plan).  Ineffective or incorrect notices may result in confusion among your participants as well as errors and penalties.  Be sure to review all notices carefully and address any concerns or questions with your benefits counsel.

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