401(k) Repair Kit

For employers, having a 401(k) for their employees is a great tool for hiring and maintaining quality employees. However, keeping any retirement plan current with the changes in the law is difficult and cumbersome for those that are tasked with this job. 

Additionally, failure to do so could be costly should the company be audited and found that the plan has failed to meet those requirements. As such, it is recommended that you create and maintain a fiduciary file (either paper or digital) which you can use in the event of an audit or to help you keep tabs on where you stand from a compliance and/or fiduciary standpoint.   

This guide will be broken down into several sections that the IRS has deemed to be the areas most flawed. It is not intended to answer every question, but rather to make you aware of the issues that you need to review in a consistent manner and on a structured timeline.   

Each section will be broken into three main topics. 1) Identifying the area of concern or mistake. 2) Steps to consider when fixing the problem area. 3) Identifying ways to prevent the problem from coming back.   

Using this guide will help you both now and, in the future to see where you stand and what you need to do and to better maintain the compliance for your plan and identify the fiduciary responsibilities for the administrators and advisors. 

So where do you go from here? That's the easy part. Click the LEARN MORE tab below and sign in to the Fix It program. That's it. It's free and you can come back as often as you want. The second option is to click on the links listed below and go directly to the section that interests you the most. As new information and changes takes place, we will update the website to help as best we can. Much success to you all.