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Retirement Plan Year-End Action Items

The following non-exhaustive list describes year-end action items and the annual notices for retirement plans that must be distributed within a reasonable time prior to the start of the plan year.  For calendar year plans, providing the notices outlined below by December 1 will meet this requirement in most cases.

  • Safe Harbor 401(k) Notice – for 401(k) plans that are designed to comply with the safe harbor requirements of the Internal Revenue Code (the “Code”).
  • Automatic Enrollment Notice – for any plan that includes automatic enrollment provisions.
  • Qualified Automatic Contribution Arrangement Notice – for plans that are designed to comply with the Code’s qualified automatic contribution provisions.
  • Eligible Automatic Contribution Arrangement Notice – for plans that are designed to comply with the Code’s eligible automatic contribution provisions.
  • Qualified Default Investment Alternative (“QDIA”) Notice – for plans with participant-directed investments that include a QDIA in which a participant’s account will be invested if the participant fails to make an investment election.
  • Distribute Summary Annual Reports within 9 months after plan year end or 2 months after the plan’s Form 5500 is due (with extension).
  • Contact service providers who have not provided, or have provided incomplete, fee disclosures to the plan.
  • Distribute quarterly fee disclosure notice.
  • Adopt any 2013 interim discretionary amendments.
  • Adopt amendments for 2014 plan design changes.

Cycle C plans (governmental plans and plans whose sponsor’s EIN ends in 3 or 8) must be submitted to the IRS for a favorable determination letter by January 31, 2014.

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