Here are 3 things that your Plan Administrator should do in October.
1. Audit 3Q payroll and your plan deposit report. Make sure that all deposits have been made in a timely manner for participant contributions and loan repayments.
2. Make sure that the employees who became eligible to participate in the plan between July 1 and September 30 received and returned an enrollment form. Follow up on any forms that have not been returns and double check that the participant designated a beneficiary or beneficiaries.
3. If you have a Safe Harbor plan, get a copy of the required notice to employees from your Third Party Administrator (TPA). This has to be distributed in October or November. Check with the TPA to get any other forms that should be distributed in this period.
Your plan's financial advisor should actively work with you and your Plan Administrator through the year, not just for year-end reporting. Email me or call me if it's been more than a year since you talked with your plan's financial advisor. That's too long. You could be at risk and not know it.