With Thanksgiving past us, it means the year is coming to an end, and it can certainly be a time to take a look at certain things to make sure there are no major errors on your 401(k) plan.
Some points to consider for review:
1. any late deposits for salary deferrals?
2. reconcile recordkeeping with the plan’s trust statements.
3. are plan loans timely paid?
4. is the definition of compensation under the plan document consistent with practice?
5. does anyone require a required minimum distribution?
6. are there any missing participants in the plan?