Helpful Retirement Plan Compliance Resources

Retirement Plan compliance is critical.

Compliance for retirement plans is a moving target. As changes in the law occur, retirement plans are required to comply in both form and function with the new provisions as of the effective date of the law. 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 and your retirement plan company:

1. IRS website

On this website you will find lots of helpful information including requirements for participation, contributions, loans, distributions, written plan requirements, and termination requirements.

2. 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.

3. Your Quarterly Summary Report. 

As of 2012, your service provider is required to give you a Quarterly Summary Report.

  • 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 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 help you and your service provider ensure that your ministry is compliant.