It’s hard to believe we are already in the 4th quarter of 2017. This means it’s time to start thinking about completing the 2017 census request. Whether you’re a longtime vet or new to this process, it’s important to remember why we ask for this data. The census request is a tool for plan administrators to report business changes that have occurred in the previous year and the employee census data required for annual testing. It’s critical to report accurate information since missing/incorrect ownership and employee data (including compensation, hours, termination dates, etc.) may affect test results. And, an inaccurate test could lead to complicated corrections and possible penalties.
What do I report?
The Census Request Overview provides detailed explanations regarding compensation (one of the most important pieces of information reported!). It also covers contributions reported, your employees’ data, highly compensated & key employees, and mergers/acquisitions.
If you have questions regarding the information you should report on the census, contact your TPA. Asking the question now may avoid fixing an inaccurate test later.