Notice Outsourcing

What am I responsible for today?

Laws and regulations require fiduciaries to provide certain disclosures to participants through the year or when changes to your retirement plan occur. You are required to track, produce and send these notices via a very specific method.

Delegate

We identify when notices are needed. We make sure notices are sent by required due dates.  We send the notices directly to the participants. 

New Employee Package

This is an annual electronic packet provided to the employer.  Employers have found this to be a very convenient tool when enrolling newly eligible employees. 

Required Participant Notices

Summary Plan Description

Who: All plan participants and beneficiaries


When: Within 90 days after the individual becomes a participant or every 5 years when the plan has made a change.  Every 10 years if plan has no changes.

Summary of Material Modification

Who: All plan participants and beneficiaries


When: Within 210 days after the close of the plan year in which the employer adopts an amendment.

Summary Annual Report

Who: All eligible plan participants and beneficiaries in ERISA plans.


When: Within 9 months after the plan year end (2 months after 5500 filing deadline, including any extensions)

404(a)(5)

Who: All plan participants and beneficiaries eligible to direct investments in the plan.


When: Once every 14 months or before the date participants can first direct their investments. 

Safe Harbor

Who: All eligible employees in a plan with safe harbor employer contribution.


When: 30 to 90 days before the start of the plan year for existing employees. 30 to 90 days before the date a new employee becomes eligible.

QDIA

Who: Each participant or beneficiary who may have retirement plan funds defaulted  to the QDIA.


When: 30 days before the start of the plan year for existing employees. 30 days before the date a new employee becomes eligible.

Auto Enrollment

Who: Each employee who is eligible to participate in the retirement plan


When: 30 to 90 days before the start of the plan year for existing employees. 30 to 90 days before a new  employee becomes eligible.

Notice of Investment Change

Who: All participants and beneficiaries eligible to direct investments to the plan


When: 30 to 90 days in advance of the change taking effect.

Notice of Fee Change

Who: All participants and beneficiaries eligible to direct investments to the plan


When: 30 to 90 days in advance of the change taking effect.

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