401(k) PLANS. for Small Businesses

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1 401(k) PLANS fr Small Businesses

2 401(k) Plans fr Small Businesses is a jint prject f the U.S. Department f Labr s Emplyee Benefits Security Administratin (EBSA) and the Internal Revenue Service. T view this and ther EBSA publicatins, visit the agency s website at: dl.gv/ebsa. T rder publicatins r t request assistance frm a benefits advisr, cntact EBSA electrnically at: askebsa.dl.gv. Or call tll free: (k) Plans fr Small Businesses (IRS Publicatin 4222) is als available frm the Internal Revenue Service at: 800-TAX-FORM ( ). (Please indicate catalg number 37055P when rdering.) This publicatin will be made available in alternative frmat t persns with disabilities upn request: Vice phne: TDD: This publicatin cnstitutes a small entity cmpliance guide fr purpses f the Small Business Regulatry Enfrcement Fairness Act f Its publicatin des nt cnstitute legal, accunting, r ther prfessinal advice.

3 WHY 401(k) PLANS? 401(k) plans can be a pwerful tl in prmting financial security in retirement. They are a valuable ptin fr businesses cnsidering a retirement plan, prviding benefits t emplyees and their emplyers. Emplyers start a 401(k) plan fr many reasns: q A well-designed 401(k) plan can help attract and keep talented emplyees. q It allws participants t decide hw much t cntribute t their accunts. q Emplyers are entitled t a tax deductin fr cntributins t emplyees accunts. q A 401(k) plan benefits a mix f rank-andfile emplyees and wners/managers. q The mney cntributed may grw thrugh investments in stcks, bnds, mutual funds, mney market funds, savings accunts, and ther investment vehicles. q Cntributins and earnings generally are nt taxed by the Federal Gvernment r by mst State gvernments until they are distributed. q A 401(k) plan may allw participants t take their benefits with them when they leave the cmpany, easing administrative respnsibilities. This publicatin highlights sme f a 401(k) plan s advantages, sme f yur ptins and respnsibilities as an emplyer perating a 401(k) plan, and the differences amng the types f 401(k) plans. Fr mre infrmatin, a list f resurces fr yu and fr 401(k) plan participants is included at the end f this bklet. ESTABLISHING A 401(k) PLAN When yu establish a 401(k) plan, yu must take certain basic actins. One f yur first decisins will be whether t set up the plan yurself r t cnsult a prfessinal r financial institutin such as a bank, mutual fund prvider, r insurance cmpany t help with establishing and maintaining the plan. In additin, there are fur initial steps fr setting up a 401(k) plan: q Adpt a written plan dcument, q Arrange a trust fr the plan s assets, q Develp a recrdkeeping system, and q Prvide plan infrmatin t emplyees eligible t participate. Adpt a written plan dcument Plans begin with a written dcument that serves as the fundatin fr day-t-day plan peratins. If yu have hired smene t help with yur plan, that persn likely will prvide the dcument. If nt, cnsider btaining assistance frm a financial institutin r retirement plan prfessinal. In either case, yu will be bund by the terms f the plan dcument. Once yu have decided n a 401(k) plan, yu will need t chse the type f 401(k) plan that is best fr yu a traditinal 401(k) plan, a safe harbr 401(k) plan, r an autmatic enrllment 401(k) plan. In all f these plans, participants can make cntributins thrugh salary deductins. A traditinal 401(k) plan ffers the maximum flexibility amng the three types f plans. Emplyers have discretin ver whether t make cntributins fr all participants, t match emplyees deferrals, t d bth, r t d neither. These cntributins can be subject t a vesting schedule (which prvides that an emplyee s right t emplyer cntributins becmes nnfrfeitable nly after a perid f time). Annual testing ensures that benefits fr rank-and-file emplyees are prprtinal t benefits fr wners/managers. -1-

4 There are several kinds f 401(k) plans that aren t subject t the annual cntributins testing required with traditinal 401(k) plans. These are knwn as safe harbr 401(k) plans and, in exchange fr aviding the annual testing, emplyees in these plans must receive a certain level f emplyer cntributins. Under the mst ppular safe harbr 401(k) plan (discussed in this publicatin), mandatry emplyer cntributins must be fully vested when made. An autmatic enrllment 401(k) plan allws yu t autmatically enrll emplyees and place deductins frm their salaries in certain default investments, unless the emplyee elects therwise. This is an effective way fr many emplyers t increase participatin in their 401(k) plans. The traditinal, safe harbr, and autmatic enrllment plans are fr emplyers f any size. This bklet addresses traditinal and safe harbr 401(k) plans. Fr mre infrmatin n autmatic enrllment 401(k) plans, see Autmatic Enrllment 401(k) Plans fr Small Businesses (Publicatin 4674). Once yu have decided n the type f plan fr yur cmpany, yu will have flexibility in chsing sme f the plan s features such as which emplyees can cntribute t the plan and hw much. Other features written int the plan are required by law. Fr instance, the plan dcument must describe hw certain key functins are carried ut, such as hw cntributins are depsited in the plan. Arrange a trust fr the plan s assets A plan s assets must be held in trust t assure that assets are used slely t benefit the participants and their beneficiaries. The trust must have at least ne trustee t handle cntributins, plan investments, and distributins. Since the financial integrity f the plan depends n the trustee, selecting a trustee is ne f the mst imprtant decisins yu will make in establishing a 401(k) plan. If yu set up yur plan thrugh insurance cntracts, the cntracts d nt need t be held in trust. Develp a recrdkeeping system An accurate recrdkeeping system will track and prperly attribute cntributins, earnings and lsses, plan investments, expenses, and benefit distributins. If a cntract administratr r financial institutin assists in managing the plan, that entity typically will help keep the required recrds. In additin, a recrdkeeping system will help yu, yur plan administratr, r financial prvider prepare the plan s annual return/reprt that must be filed with the Federal Gvernment. Prvide plan infrmatin t emplyees eligible t participate Yu must ntify emplyees wh are eligible t participate in the plan abut certain benefits, rights, and features. In additin, a summary plan descriptin (SPD) must be prvided t all participants. The SPD is the primary vehicle t infrm participants and beneficiaries abut the plan and hw it perates. The SPD typically is created with the plan dcument. (Fr mre infrmatin n the required cntents f the SPD, see Disclsing Plan Infrmatin t Participants.) Yu als may want t prvide yur emplyees with infrmatin that discusses the advantages f yur 401(k) plan. The benefits t emplyees such as pretax cntributins t a 401(k) plan (r tax-free distributins in the case f Rth cntributins), emplyer cntributins (if yu chse t make them), and cmpunded tax-deferred earnings help highlight the advantages f participating in the plan. -2-

5 OPERATING A 401(k) PLAN Once yu have established a 401(k) plan, yu assume certain respnsibilities in perating it. If yu hired smene t help in setting up yur plan, that arrangement als may have included help in perating the plan. If nt, anther imprtant decisin will be whether t manage the plan yurself r t hire a prfessinal r financial institutin such as a bank, mutual fund prvider, r insurance cmpany t take care f sme r mst aspects f perating the plan. Elements f perating 401(k) plans include: q Participatin q Cntributins q Vesting q Nndiscriminatin q Investing 401(k) plan mnies q Fiduciary respnsibilities q Disclsing plan infrmatin t participants q Reprting t gvernment agencies q Distributing plan benefits Participatin Typically, a plan includes a mix f rankand-file emplyees and wners/managers. Hwever, a 401(k) plan may exclude sme emplyees if they: q Have nt attained age 21; q Have nt cmpleted ne year f service; r q Are cvered by a cllective bargaining agreement that des nt prvide fr participatin in the plan, if retirement benefits were the subject f gd faith bargaining. Emplyees cannt be excluded frm a plan merely because they are lder wrkers. Cntributins In all 401(k) plans, participants can make cntributins thrugh salary deductins. Yu can decide n yur business s cntributin t participants accunts in the plan. Traditinal 401(k) Plan If yu decide t cntribute t yur 401(k) plan, yu have further ptins. Yu can cntribute a percentage f each emplyee s cmpensatin fr allcatin t the emplyee s accunt (called a nnelective cntributin), r yu can match the amunt yur emplyees decide t cntribute, r yu can d bth (within the limits f the tax law). Fr example, yu may decide t add a percentage say, 50 percent t an emplyee s cntributin, which results in a 50-cent increase fr every dllar the emplyee sets aside. Using a matching cntributin frmula will prvide emplyer cntributins nly t emplyees wh make deferrals t the 401(k) plan. If yu chse t make nnelective cntributins, the emplyer cntributin ges t each eligible participant, whether r nt the participant decides t make a salary deferral t his r her 401(k) plan accunt. Under a traditinal 401(k) plan, yu have the flexibility f changing the amunt f emplyer cntributins each year, accrding t business cnditins. Safe Harbr 401(k) Plan Under a safe harbr plan, yu can match each eligible emplyee s cntributin, dllar fr dllar, up t 3 percent f the emplyee s cmpensatin, and 50 cents n the dllar fr the emplyee s cntributin that exceeds 3 percent, but nt 5 percent, f the emplyee s cmpensatin. Alternatively, yu can make a nnelective cntributin equal t 3 percent f cmpensatin t each eligible emplyee s accunt. Each year yu must make either the matching cntributins r the nnelective cntributins. The plan dcument will specify -3-

6 which cntributins will be made and this infrmatin must be prvided t emplyees befre the beginning f each year. Rth Cntributins 401(k) plans may permit emplyees t make after-tax cntributins thrugh salary deductin. These designated Rth cntributins, as well as gains and lsses, are accunted fr separately frm pretax cntributins. Hwever, designated Rth cntributins are treated the same as pretax cntributins fr mst aspects f plan peratins, such as cntributin limits. A 401(k) plan may allw participants t transfer certain amunts in the plan t their designated Rth accunt in the plan. Cntributin Limits Emplyer and emplyee cntributins and frfeitures (nnvested emplyer cntributins f terminated participants) are subject t a per-emplyee verall annual limitatin. This limit is the lesser f: q 100 percent f the emplyee s cmpensatin, r q 51,000 fr 2013 and $52,000 fr In additin, the amunt emplyees can cntribute under any 401(k) plan is limited t $17,500 fr 2013 and All 401(k) plans may allw catch-up cntributins f $5,500 fr 2013 and 2014 fr emplyees age 50 and ver. Vesting Emplyee salary deferrals are immediately 100 percent vested that is, the mney that an emplyee has cntributed t the plan cannt be frfeited. When an emplyee leaves emplyment, he r she is entitled t thse deferrals, plus any investment gains (r minus lsses) n the deferrals. In safe harbr 401(k) plans, all required emplyer cntributins are always 100 percent vested. In traditinal 401(k) plans, yu can design yur plan s that emplyer cntributins becme vested ver time, accrding t a vesting schedule. Nndiscriminatin T preserve the tax benefits f a 401(k) plan, the plan must prvide substantive benefits fr rank-and-file emplyees, nt just business wners and managers. These requirements are called nndiscriminatin rules and cmpare bth plan participatin and cntributins f rank-and-file emplyees t thse f wners/ managers. Traditinal 401(k) plans are subject t annual testing t ensure that the amunt f cntributins made fr rank-and-file emplyees is prprtinal t cntributins made fr wners and managers. In mst cases, safe harbr 401(k) plans are nt subject t annual nndiscriminatin testing. Investing 401(k) Plan Mnies After yu decide n the type f 401(k) plan, yu can cnsider the variety f investment ptins. One decisin yu will need t make in designing a plan is whether t permit yur emplyees t direct the investment f their accunts r t manage the mnies n their behalf. If yu chse the frmer, yu als need t decide what investment ptins t make available t the participants. Depending n the plan design yu chse, yu may want t hire smene either t determine the investment ptins t make available r t manage the plan s investments. Cntinually mnitring the investment ptins ensures that yur selectins remain in the best interests f yur plan and its participants. Fiduciary Respnsibilities Many f the actins needed t perate a 401(k) plan invlve fiduciary decisins. This is true whether r nt yu hire smene t manage the plan fr yu r d sme r all f -4-

7 the plan management yurself. Cntrlling the assets f the plan r using discretin in administering and managing the plan makes yu and the entity yu hire a plan fiduciary t the extent f that discretin r cntrl. Hiring smene t perfrm fiduciary functins is itself a fiduciary act. Thus, fiduciary status is based n the functins perfrmed fr the plan, nt a title. Sme decisins with respect t a plan are business decisins, rather than fiduciary decisins. Fr instance, the decisins t establish a plan, t include certain features in a plan, t amend a plan, and t terminate a plan are business decisins. When making these decisins, yu are acting n behalf f yur business, nt the plan, and therefre, yu wuld nt be a fiduciary. Hwever, when yu take steps t implement these decisins, yu (r thse yu hire) are acting n behalf f the plan and thus, in making decisins, may be acting as fiduciaries. Basic Respnsibilities Thse persns r entities that are fiduciaries are in a psitin f trust with respect t the participants and beneficiaries in the plan. The fiduciary s respnsibilities include: q Acting slely in the interest f the participants and their beneficiaries; q Acting fr the exclusive purpse f prviding benefits t wrkers participating in the plan and their beneficiaries, and defraying reasnable expenses f the plan; q Carrying ut duties with the care, skill, prudence, and diligence f a prudent persn familiar with such matters; q Fllwing the plan dcuments; and q Diversifying plan investments. These are the respnsibilities that fiduciaries need t keep in mind as they carry ut their duties. The respnsibility t be prudent cvers a wide range f functins needed t perate a plan. And, since all these functins must be carried ut in the same manner as a prudent persn wuld, it may be in yur best interest t cnsult experts in varius fields, such as investments and accunting. In additin, fr sme functins, there are specific rules that help guide the fiduciary. Fr example, the deductins frm emplyees paychecks fr cntributin t the plan must be depsited with the plan as sn as reasnably pssible, but n later than the 15th business day f the mnth fllwing the payday. If yu can reasnably make the depsits in a shrter time frame, yu need t make the depsits at that time. Fr plans with fewer than 100 participants, salary reductin cntributins depsited with the plan n later than the 7th business day fllwing withhlding by the emplyer will be cnsidered cntributed in cmpliance with the law. Fr all cntributins, emplyee and emplyer (if any), the plan must designate a fiduciary, typically the trustee, t make sure that cntributins due t the plan are transmitted. If the plan and ther dcuments are silent r ambiguus, the trustee generally has this respnsibility. As part f fllwing the plan dcuments in perating yur plan, the plan dcument will need t be updated frm time t time fr changes in the law. Limiting Liability With these respnsibilities, there is als sme ptential liability. Hwever, there are actins yu can take t demnstrate that yu carried ut yur respnsibilities prperly as well as ways t limit yur liability. The fiduciary respnsibilities cver the prcess used t carry ut the plan functins rather than simply the end results. Fr example, if yu r smene yu hire makes the investment decisins fr the plan, an investment des nt have t be a winner if it was part f a prudent verall diversified investment prtfli fr the plan. Since a -5-

8 fiduciary needs t carry ut activities thrugh a prudent prcess, yu shuld dcument the decisinmaking prcess t demnstrate the ratinale behind the decisin at the time it was made. In additin t the steps abve, there are ther ways t limit ptential liability. The plan can be set up t give participants cntrl f the investments in their accunts. Fr participants t have cntrl, they must have sufficient infrmatin n the specifics f their investment ptins. If prperly executed, this type f plan limits yur liability fr the investment decisins made by participants. Yu can als hire a service prvider r prviders t handle sme r mst f the fiduciary functins, setting up the agreement s that the persn r entity then assumes liability. Hiring a Service Prvider Even if yu d hire a financial institutin r retirement plan prfessinal t manage the whle plan, yu retain sme fiduciary respnsibility fr the decisin t select and keep that persn r entity as the plan s service prvider. Thus, yu shuld dcument yur selectin prcess and mnitr the services prvided t determine if a change needs t be made. Fr a service cntract r arrangement t be reasnable, service prviders must prvide certain infrmatin t yu abut the services they will prvide t yur plan and all f the cmpensatin they will receive. This infrmatin will assist yu in understanding the services, assessing the reasnableness f the cmpensatin (direct and indirect), and determining any cnflicts f interest that may impact the service prvider s perfrmance. Sme additinal items t cnsider in selecting a plan service prvider: q Infrmatin abut the firm itself: affiliatins, financial cnditin, experience with 401(k) plans, and assets under their cntrl; q A descriptin f business practices: hw plan assets will be invested if the firm will manage plan investments r hw participant investment directins will be handled; and q Infrmatin abut the quality f prspective prviders: the identity, experience, and qualificatins f the prfessinals wh will be handling the plan s accunt; any recent litigatin r enfrcement actin that has been taken against the firm; the firm s experience r perfrmance recrd; if the firm plans t wrk with any f its affiliates in handling the plan s accunt; and whether the firm has fiduciary liability insurance. Once hired, these are additinal actins t take when mnitring a service prvider: q Evaluate any ntices received frm the service prvider abut pssible changes t their cmpensatin and the ther infrmatin they prvided when hired (r when the cntract r arrangement was renewed); q Review the service prvider s perfrmance; q Read any reprts they prvide; q Check actual fees charged; q Ask abut plicies and practices (such as trading, investment turnver, and prxy vting); and q Fllw up n participant cmplaints. (Fr mre infrmatin, see Understanding Retirement Plan Fees and Expenses at www. dl.gv/ebsa. Click n Fiduciary Educatin under Cmpliance Assistance t access the publicatin.) Prviding Infrmatin in Participant-Directed Plans When plans allw participants t direct their investments, fiduciaries need t take steps t regularly make participants aware f their rights and respnsibilities under the plan related t directing their investments. This includes prviding plan and investment-relat- -6-

9 ed infrmatin, including infrmatin abut fees and expenses, that participants need t make infrmed decisins abut the management f their individual accunts. Participants must receive the infrmatin befre they can first direct their investment in the plan and annually thereafter. The investment-related infrmatin needs t be presented in a frmat, such as a chart, that allws fr a cmparisn amng the plan s investment ptins. A mdel chart is available n ebsa. If yu use infrmatin prvided by a service prvider that yu rely n reasnably and in gd faith, yu will be prtected frm liability fr the cmpleteness and accuracy f the infrmatin. Prhibited Transactins and Exemptins There are certain transactins that are prhibited under the law t prevent dealings with parties that have certain cnnectins t the plan, self-dealing, r cnflicts f interest that culd harm the plan. Hwever, there are a number f exceptins under the law, and additinal exemptins may be granted by the U.S. Department f Labr, where prtectins fr the plan are in place in cnducting the transactins. One exemptin allws the prvisin f investment advice t participants wh direct the investments in their accunts. This applies t the buying, selling, r hlding f an investment related t the advice as well as t the receipt f related fees and ther cmpensatin by a fiduciary adviser. Please check fr mre infrmatin. Anther exemptin in the law permits yu t ffer lans t participants thrugh yur plan. If yu d, the lan prgram must be carried ut in such a way that the plan and all ther participants are prtected. Thus, the decisin with respect t each lan request is treated as a plan investment and cnsidered accrdingly. Bnding Persns handling plan funds r ther plan prperty generally must be cvered by a fidelity bnd t prtect the plan against lss resulting frm fraud and dishnesty by thse cvered by the bnd. Disclsing Plan Infrmatin t Participants Plan disclsure dcuments keep participants infrmed abut the basics f plan peratin, alert them t changes in the plan s structure and peratins, and prvide them a chance t make decisins and take timely actin abut their accunts. The summary plan descriptin (SPD) the basic descriptive dcument is a plainlanguage explanatin f the plan and must be cmprehensive enugh t apprise participants f their rights and respnsibilities under the plan. It als infrms participants abut the plan features and what t expect f the plan. Amng ther things, the SPD must include infrmatin abut: q When and hw emplyees becme eligible t participate in the 401(k) plan; q The cntributins t the plan; q Hw lng it takes t becme vested; q When emplyees are eligible t receive their benefits; q Hw t file a claim fr thse benefits; and q Basic rights and respnsibilities participants have under the Federal retirement law, the Emplyee Retirement Incme Security Act (ERISA). The SPD shuld include an explanatin abut the administrative expenses that will be paid by the plan. This dcument must be given t participants when they jin the plan and t beneficiaries when they first receive benefits. SPDs must als be redistributed peridically during the life f the plan. -7-

10 A summary f material mdificatin (SMM) apprises participants f changes made t the plan r t the infrmatin required t be in the SPD. The SMM r an updated SPD must be autmatically furnished t participants within a specified number f days after the change. An individual benefit statement (IBS) shws the ttal plan benefits earned by a participant, vested benefits, the value f each investment in the accunt, infrmatin describing the ability t direct investments, and (fr plans with participant directin) an explanatin f the imprtance f a diversified prtfli. Plans that prvide fr participantdirected accunts must furnish individual benefit statements quarterly. Plans that d nt prvide fr participant directin must furnish statements annually. tins. During a blackut perid, participants rights t direct investments, take lans, r btain distributins are suspended. Reprting t Gvernment Agencies In additin t the disclsure dcuments that prvide infrmatin t participants, plans must als reprt certain infrmatin t Gvernment entities. Frm 5500 Annual Return/Reprt f Emplyee Benefit Plans Plans are required t file an annual return/ reprt with the Federal Gvernment, in which infrmatin abut the plan and its peratin is disclsed t the IRS and the U.S. Department f Labr. Plans that must file the Frm 5500 must d s electrnically. These returns/reprts are made available t the public. As nted abve, fr plans that allw participants t direct the investments in their accunts, plan and investment infrmatin, including infrmatin abut fees and expenses, must be prvided t participants befre they can first direct investments and peridically thereafter primarily n an annual basis with infrmatin n the fees and expenses actually paid prvided at least quarterly. The initial plan-related infrmatin may be distributed as part f the SPD prvided when a participant jins the plan as lng as it is prvided befre the participant can first direct investments. The infrmatin prvided quarterly may be included with the IBS. A summary annual reprt (SAR) is a narrative f the plan s annual return/ reprt, the Frm 5500, filed with the Federal Gvernment (see Reprting t Gvernment Agencies fr mre infrmatin). It must be furnished annually t participants. A blackut perid ntice gives emplyees advance ntice when a blackut perid ccurs, typically when plans change recrdkeepers r investment ptins, r when plans add participants due t crprate mergers r acquisi- -8- Depending n the number and type f participants cvered, mst 401(k) plans must file ne f the fllwing frms: q Frm 5500, Annual Return/Reprt f Emplyee Benefit Plan, q Frm 5500-SF, Shrt Frm Annual Return/Reprt f Small Emplyee Benefit Plan, r q Frm 5500-EZ, Annual Return f One- Participant (Owners and Their Spuses) Retirement Plan. Mst ne-participant plans (sle prprietr and partnership plans) with ttal assets f $250,000 r less are exempt frm the annual filing requirement. Hwever, regardless f the value f the plan s assets, a final return/reprt must be filed when a plan is terminated. Frm 1099-R Frm 1099-R, Distributins Frm Pensins, Annuities, Retirement r Prfit-Sharing Plans, IRAs, Insurance Cntracts, etc. is used t reprt distributins (including rllvers) frm a retirement plan. It is given t bth the IRS and recipients f distributins frm the plan during the year.

11 Frm 8955-SSA Frm 8955-SSA, Annual Registratin Statement Identifying Separated Participants with Deferred Vested Benefits, is used t reprt separated participants with deferred vested benefits. It is filed with the IRS. The infrmatin reprted is generally given t the Scial Security Administratin wh prvides the reprted infrmatin t the participants when they file fr Scial Security benefits. Distributing Plan Benefits Benefits in a 401(k) plan are dependent n a participant s accunt balance at the time f distributin. When participants are eligible t receive a distributin, they typically can elect t: q Take a lump sum distributin f their accunt, q Rll ver their accunt t an IRA r anther emplyer s retirement plan, r q Take peridic distributins. Mre emplyers are ffering annuity r ther lifetime incme distributin ptins in their defined cntributin plans fr emplyees wh want t ensure that they d nt utlive their retirement savings. Yu may want t lk int what thse plans are ding. TERMINATING A 401(k) PLAN 401(k) plans must be established with the intentin f being cntinued indefinitely. Hwever, business needs may require that emplyers terminate their 401(k) plans. Fr example, yu may want t establish anther type f retirement plan instead f the 401(k) plan. Typically, the prcess f terminating a 401(k) plan includes amending the plan dcument, distributing all assets, and filing a final Frm Yu must als ntify yur emplyees that the plan will be discntinued. Check with yur plan s financial institutin r a retirement plan prfessinal t see what further actin is necessary t terminate yur 401(k) plan. COMPLIANCE Even with the best intentins, mistakes in plan peratin can still happen. The U.S. Department f Labr and IRS have crrectin prgrams t help 401(k) plan spnsrs crrect plan errrs, prtect participants interests, and keep the plan s tax benefits. These prgrams are structured t encurage early crrectin f the errrs. Having an nging review prgram makes it easier t spt and crrect mistakes in plan peratins. See the Resurces sectin fr further infrmatin. A 401(k) PLAN CHECKLIST 1. Have yu determined which type f 401(k) plan best suits yur business? 2. Have yu decided t hire a financial institutin r retirement plan prfessinal t help with setting up and running the plan? 3. Have yu decided whether t make cntributins t the plan, and, if s, whether t make nnelective and/r matching cntributins? (Remember, yu may design yur plan s that yu may change yur nnelective cntributins if necessary due t business cnditins.) 4. Have yu adpted a written plan that includes the features yu want t ffer, such as whether participants will direct the investment f their accunts? 5. Have yu ntified eligible emplyees and prvided them with infrmatin t help in their decisinmaking? 6. Have yu arranged a trust fr the plan assets r will yu set up the plan slely with insurance cntracts? 7. Have yu develped a recrdkeeping system? 8. Are yu familiar with the fiduciary respnsibilities? 9. Are yu prepared t mnitr the plan s service prviders? 10. Are yu familiar with the reprting and disclsure requirements f a 401(k) plan? Fr help in establishing and perating a 401(k) plan, yu may want t talk t a retirement plan prfessinal r a representative f a financial institutin ffering retirement plans and take advantage f the help available in the fllwing Resurces sectin. -9-

12 RESOURCES The U.S. Department f Labr s (DOL s) Emplyee Benefits Security Administratin and the IRS feature this publicatin and additinal infrmatin n retirement plans n their websites: G t the Saving Matters website at r Publicatins and Reprts fr additinal infrmatin t help yu understand and perate yur 401(k) plan. This website als has infrmatin t help yur emplyees understand the imprtance f saving fr retirement thrugh an emplyer-spnsred plan. G t Plan Spnsr. This website is filled with plainlanguage infrmatin that will help yu maintain yur 401(k) plan prperly. All the IRS frms and publicatins mentined in this publicatin are available here. In additin, the fllwing jintly develped publicatins are available n the DOL and IRS websites and can be rdered thrugh the tll-free numbers listed belw: Chsing a Retirement Slutin fr Yur Small Business, Publicatin 3998, prvides an verview f retirement plans available t small businesses. Adding Autmatic Enrllment t Yur 401(k) Plan, Publicatin 4721, explains hw t add autmatic enrllment t yur existing 401(k) plan. Autmatic Enrllment 401(k) Plans fr Small Businesses, Publicatin 4674, explains a type f retirement plan that allws small businesses t increase plan participatin. Payrll Deductin IRAs fr Small Businesses, Publicatin 4587, describes an arrangement that is an easy way fr businesses t give emplyees an pprtunity t save fr retirement. Prfit Sharing Plans fr Small Businesses, Publicatin 4806, describes a flexible way fr businesses t help emplyees save fr retirement. SEP Retirement Plans fr Small Businesses, Publicatin 4333, describes a lw-cst retirement savings ptin fr small businesses. SIMPLE IRA Plans fr Small Businesses, Publicatin 4334, describes a type f retirement plan designed especially fr small businesses. And fr business wners with a plan: Retirement Plan Crrectin Prgrams, Publicatin 4224, prvides a brief descriptin f the IRS and DOL vluntary crrectin prgrams. Order Frm: DOL: Electrnically at r by calling IRS: 800-TAX-FORM ( ) Related materials available frm DOL: Fr small businesses: Understanding Retirement Plan Fees and Expenses Meeting Yur Fiduciary Respnsibilities Selecting an Auditr fr Yur Emplyee Benefit Plan Reprting and Disclsure Guide fr Emplyee Benefit Plans Tips fr Selecting and Mnitring Service Prviders fr Yur Emplyee Benefit Plan. In additin, DOL spnsrs an interactive website - the Small Business Advisr, available at This encurages small business wners t chse the apprpriate retirement plan fr their business and prvide resurces n maintaining plans. -10-

13 Fr emplyees: A Lk at 401(k) Plan Fees What Yu Shuld Knw abut Yur Retirement Plan (als in Spanish) Savings Fitness A Guide T Yur Mney and Yur Financial Future (als in Spanish) Taking the Mystery Out f Retirement Planning (als in Spanish) Tp 10 Ways t Prepare fr Retirement (als in Spanish) Wmen and Retirement Savings (als in Spanish) T view these publicatins, g t and click n Publicatins and Reprts. T rder publicatins r request assistance frm a benefits advisr, cntact EBSA electrnically at r call tll free Related materials available frm the IRS: The IRS Retirement Plan Prducts Guide, Publicatin Lts f Benefits, Publicatin 4118, discusses the benefits f spnsring and participating in a retirement plan. Have yu had yur Check-up this year? fr Retirement Plans, Publicatin 3066, encurages emplyers t perfrm a peridic check-up f their retirement plans thrugh the use f a checklist, and hw t initiate any necessary crrective actin. 401(k) Plan Checklist, Publicatin 4531, a tl t help yu keep yur plan in cmpliance with many f the imprtant tax rules. Designated Rth Accunts under 401(k), 403(b), r gvernmental 457(b) plans, Publicatin 4530, discusses this ppular feature fund in many 401(k), 403(b), and gvernmental 457(b) plans. Retirement Plans fr Small Business (SEP, SIMPLE, and Qualified Plans), Publicatin 560. T view these related publicatins, g t the Retirement Plans Web page at and click n Frms & Publicatins in the left pane. -11-

14

15 Nvember 2013

16 Publicatin 4222 (Rev ) Catalg Number 37055P Department f the Treasury Internal Revenue Service U.S. Department f Labr

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