If you can't answer yes to any of these questions you need to talk to us before the IRS talks to you.
Download Official IRS Publication If your plan has not been updated to reflect EGTRRA, the plan needs to be revised.
Notify plan servicers right away with any changes in the form or operation of your plan, including acquisition or ownership changes affecting the employer.
Failure to follow the terms of the plan is a common problem encountered on audit.
By supplying your third party administrator (TPA) or advisor with information regarding all employees who receive a Form W-2, you may reduce the risk of omitting eligible employees.
Because your plan may use different definitions of compensation for different purposes, it's important that you apply the proper definition in a consistent manner when dealing with deferrals and allocations.
You are required to deposit deferrals as soon as they can be segregated from the employer's assets. Most employers deposit salary deferrals when making payroll tax deposits. plan needs to be revised.
Failure to provide this information prevents your TPA from properly performing your nondiscrimination tests.
You may not need to find out how a safe harbor 401(k) plan may allow you to completely avoid these tests.
Responsibility for filing the Form 5500 and distributing the SAR lies with you, the plan sponsor.
Elective deferrals are limited to $15,000 for 2006, including any designated Roth contributions made by participants, and exclusive of any catch-up contributions.