Review Your Retirement Plan

How often do you review your retirement plan? Plan errors can be costly and time-consuming, so the best way to avoid long-running errors is to periodically review the plan to ensure it’s operating in compliance. As the plan administrator/sponsor, a good practice is to review your retirement plan at least twice a year; in the summer and winter.

The IRS has a retirement plan check-up brochure on their website that details when, what and how the check-up should be performed. Read the IRS brochure “Have You Had Your Check-up This Year?” for an overview of the process. The brochure also includes useful links to other resources, like their 401(k) Plan Checklist and their Fix-it Guide on how to find, fix and avoid plan mistakes.

Taking time to review your plan now may save you time and money in the future!

You may also be interested to read our blog about the Operational Compliance List for 2019 to stay up to date on the changes.

If you have questions or concerns about your plan’s compliance, please contact your Watkins Ross representative to discuss the specifics of your situation.