As the end of the year approaches, our to-do lists become longer but our bandwidth becomes condensed. To compound matters, when you sponsor a retirement plan, you know you will be in close contact with your TPA firm about the various year-end notices that must be distributed to plan participants.
When it comes to 401(k) plans, plan sponsors have a fiduciary responsibility to distribute a variety of documents and disclosure notices. Imposing this responsibility on plan sponsors helps ensure that participants have the necessary information about the plan provisions and investment options in order to make informed and timely decisions for their personal financial wellness.
It’s the time of year when Plan Sponsors scramble to deliver the myriad notices required to be given to their participants. Even with the help of service providers, the sheer number of notices can be overwhelming.