ERISA record retention requirements. Say that five times fast. All joking aside, this is actually pretty serious business. The Employee Retirement Income Security Act of 1974 requires that you retain important plan documentation. Failing to do so can get you into really hot water in the event of an audit.
What is the 401(k) Summary Plan Description (SPD)? The Summary Plan Description (SPD) is one of the important 401(k) plan documents that provides plan participants (and their beneficiaries) with the most important details of their benefit plan, like eligibility requirements or participation dates, benefit calculations, plan management instructions,
Does your 401(k) plan have an investment policy statement (“IPS”)? According to Callan consultants, some 90% of defined contribution plans maintain an IPS. Historically, however, larger plans are more are far more likely to develop the document than smaller retirement plans. But not every plan that has an IPS