1. Has your plan document been updated within the past few years?
2. Is the plan definition of compensation for all deferrals and allocations applied correctly?
3. Were all eligible employees identified and given the opportunity to make an elective deferral?
4. Have you timely deposited employee elective deferrals?
5. Was Form 5500 filed?
1. Are the plan operations based on the terms of the plan document?
2. Have all the organization’s employees been given the opportunity to make a salary deferral to the plan?
3. Are total contributions limited to comply with tax laws?
4. Are you and your 403(b) vendors enforcing participant loan repayments and limiting aggregate loan amounts?
5. Are you and your 403(b) vendors requiring evidence that hardship distributions meet the plan hardship definitions and requirements?
• Not covering the proper employees
• Not giving employees required information
• Not depositing contributions timely
• Not following the terms of the plan document
• Not limiting employee deferrals and employer contributions to the proper maximum limits
For more information or to see a full listing of the IRS checklist questions listed above, please feel free to contact us or visit: https://www.irs.gov/retirement-plans/have-you-had-your-retirement-plan-check-up-this-year
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