How to make sure your retirement plan is compliant


Retirement Plan compliance is critical as you’re a Christian organization and an example to others.

Two governing agencies that oversee retirement plans are the IRS and The Department of Labor. You probably don’t want to become an expert on all of the regulations but you certainly want to arm yourself in case one of them shows up on your doorstep.

Here are three great resources that are available for you for your retirement plan company that you work with. We call that company your service provider.

The first resource is the IRS website.
On this website, you will find all sorts of helpful information including requirements for participation, contributions, loans, distributions, written plan requirements, and termination requirements.

The second resource is the Department of Labor website.
On this website, you will find information on types of retirement plans available, your responsibilities as a plan fiduciary, all of the ins and outs of distributions from the plan, and what to do if you have a problem.

Be sure to check out both the IRS and Department of Labor sites and add them as favorites to your internet browser.

Retirement Plan compliance is critical as you’re a Christian organization and an example to others.

The third resource we recommend is your Quarterly Summary Report.
As of 2012, your service provider is required to give you one.

  • First, be sure to look for a plan overview. This will include the beginning and ending balances, contribution amounts, and the net gain or loss in your plan.
  • Next, be sure to notice your participant engagement numbers, including web portal registration, and how many participants enrolled during the quarter.
  • Next, look for your plan sponsor engagement numbers, including how many people are on your retirement plan oversight committee.
  • Last, you will see an investment scorecard that your investment advisory team put together. This shows you if your investment selection has passed or failed for that quarter.

These three resources will equip you and your service provider ensure that your ministry is compliant.

Click here to learn more about how Envoy defines successful retirement plans.