Required Notices for Retirement Plans
Because I have previously made reference to certain required or notices for welfare plans, I would be remiss in not bringing up some requirements for retirement plans.
First the notices. Retirement plans have a number of annual notice requirements, so this should service simply as a reminder of what notices are due. The annual Safe Harbor 401(k) Plan Notice is due not later than 30 days prior to the beginning of the next plan year. So for calendar year plans, that would be by December 1, 2009. Also due in that same time period is the Qualified Default Investment Alternative Notices that would apply to plans that have provided for default elections. Finally, don't forget the 401(k) Plan Annual Automatic Enrollment Notices, also due 30 days prior to the beginning of the next plan year.
If you have a defined benefit plan, you have to send a Defined Benefit Plan Annual Funding Notice within 120 days of the end of the plan year (or by April 30, 2010 for a plan year ending 12/31/09). Participant Benefit Statements are due every three years or annually (depending on the election of the plan administrator), so you need to prepare those by December 31, 2009, if required. Participant Benefit Statements for Defined Contribution Plans are due quarterly, and are timely if provided within 45 days of the end of the quarter. For calendar year plans, they would be due February 15, 2010.
In addition to these notices, there are several required and optional plan amendments for defined benefit and defined contribution plans that may be applicable to your plan (or that you may have adopted). If the plans were amended during the last plan year, don't forget to send a Summary of Material Modifications to participants to alert them to the changes. If you have questions about what amendments were available or concerns about making sure you have adopted all appropriate amendments, contact your plan professional of your attorney at Fox Rothschild to set up a review of your retirement plan.
