2017 Year End Reminders
Required Minimum Distributions
Participants that have reached age 70 ½ that are no longer working are required to start taking Required Minimum Distributions from their retirement accounts. If the participant is a greater than 5% Owner when they attain age 70 ½, they are required to begin distributions while still employed. Plans are required to begin distributing assets by April 1st of the calendar year following the later of attainment of age 70 ½ or termination of the participant’s employment, and then annually, no later than December 31 of each year thereafter until their balance is paid out of the plan. Please let our office know if you have someone age 70 ½ or older that recently stopped working.
It is annual notice time for calendar year plans. Plans are required to distribute the applicable Annual Notices from the list below by December 1. Our office will be forwarding your customized notices to you for you to distribute to your eligible participants. If you need assistance delivering these notices please let us know.
- Qualified Default Investment Alternative (QDIA) Notice
- 404(a)(5) Participant Fee Disclosure Notice
- Annual 401(k) Safe Harbor Notice
- Automatic Enrollment Notice
- Eligible Automatic Contribution Arrangement Notice
- Qualified Automatic Contribution Arrangement Notice
Annual Data Request Documents
Pension Works administrators will soon be sending out our Annual Data Request (ADR) documents required to prepare the Annual Valuation of your retirement plan. These documents are critical to our review of your plan and we cannot start our work without them.
- Data Update Checklist
- Compliance Testing Questionnaire
- Family Attribution Worksheet
- Authorization of Practitioner to Electronically Sign and File Form 5500
Pension Works is now requiring current addresses for all employees to be included on the census file sent to our office. Reminder: Please do not send census file through regular email – post to our secure portal, through ZixMail, password protected file or through your secure platform.