December 31st is coming fast — start now to prepare for common year-end disclosure requirements. (Photo: Shutterstock)
Yet again, the end of the year is rapidly approaching. To avoid costly penalties that can arise from inadvertent errors in the year-end crush, plan sponsors should begin talking with their service providers now about what must be done before December 31, 2019.
Retirement plan disclosures
A host of notices and disclosures need to be made throughout the year. However, there are several notices that are generally given at the end of the year. As a quick reference, following is a list of common year-end disclosure requirements for retirement plans:
401(k) safe harbor notice — Must be distributed to participants 30 to 90 days prior to the beginning of each plan year for plans relying on safe harbor rules; by December 1, 2019 for calendar-year plans. The same deadline applies to traditional safe harbor plans and qualified automatic contribution arrangement (QACA) safe harbor plans.
Automatic contribution arrangement (ACA) notice — Must be distributed to participants 30 to 90 days prior to the beginning of each plan year; by December 1, 2019 for calendar year plans. The same deadline applies to plans with plain ACAs and eligible automatic contribution arrangements (EACAs).
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