401k plan sponsors required to include legally compliant definition of compensation within the plan document. Compensation is a material component in determining a 401k plan participant’s deferral contributions and related company match amounts.
In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In.
As a 401k plan sponsor, you have numerous fiduciary responsibilities. However, from the Department of Labor’s DOL’s perspective, there is perhaps none more fundamental than ensuring that participants receive timely distributions from their 401k plan accounts.