Spring will arrive soon, promising new growth and a fresh beginning. It could also be the perfect time to do some spring cleaning for your plan. Let’s look at some areas that you might consider reviewing to ensure your retirement plan is operating efficiently.

Cybersecurity has become a necessary consideration in many aspects of life, and your retirement plan is no exception. For plan sponsors, understanding your responsibilities—as well as those of the third party administrators (TPAs) and recordkeepers that you work with—is a fundamental part of ERISA (Employee Retirement Income Security Act) compliance and the fulfillment of your fiduciary responsibilities. Retirement plans hold significant financial assets and large volumes of highly sensitive participant data, making them an attractive target for cybercriminals. As a result, the protection of this data and access to it has become inseparable from the obligation to act prudently and in the best interests of participants.

An employer-sponsored retirement plan is an extremely valuable benefit a company can offer its employees. At the heart of this benefit is the plan document—the official rulebook that explains exactly how the plan works. For plan sponsors, understanding this document isn’t just helpful; it’s essential.

As a plan sponsor, it’s critical to understand the rules surrounding Required Minimum Distributions (RMDs) because they directly impact compliance, participant education and operational processes. RMDs are mandatory withdrawals from qualified retirement accounts, and failure to handle them correctly can lead to penalties for participants and fiduciary risks for your plan.

March 2 IRS Form 1099-R Copy A - Deadline to submit Form 1099-R Copy A to the IRS for participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year. This deadline applies to scannable paper filings. For electronic...