Since most retirement plans operate on a calendar year basis, testing season is now! If a testing failure occurs, correcting the failure by March 15th can save the plan sponsor excise taxes and additional filings. Getting year-end data in early, including complete census information, is paramount. Though RPG Consultants does all the heavy lifting to ensure your plan passes the appropriate testing, all plan sponsors should understand the basics of testing so that they can confirm all tests and any appropriate corrections are completed each year. The following are some helpful definitions to get you through the basics of compliance testing.
Marketing2019-02-06T13:42:51-05:00February 6th, 2019|Categories: Newsletters/Bulletins|Tags: new comparability plan, 401(k) testing, HCE, Key employee, ADP test, ACP test, Annual Deferral Limit, Minimum Coverage, Top-Heavy Testing, Annual Additions, Allowable Deduction Limit, 401k Compliance|Comments Off on It’s Testing Season!