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October 11th, 2022
Information & Insights for the 403(b) Community
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Ask the Experts
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How important are proper termination dates for retirement plan compliance purposes?
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"We are a large, complex health care system that sponsors a 403(b) plan for all the 501(c)(3) members of our controlled group, of which there are many. We have some issues with recording the proper dates of termination of employment for retirement plan purposes. One problem is that the process of reporting termination dates is a manual one, and some of our managers are simply more efficient at it than others. In addition, since it is not a payroll item, termination dates are not fed to our recordkeeper each payroll as part of our remittance feeds, but instead as a separate, less-frequent feed from our HRIS system. Finally, we have a lot of rehires, as well as employees who transfer between employer in our controlled group. This has resulted in our recordkeeper failing to capture some termination dates. We know we need to fix this, but how important are proper termination dates for retirement plan compliance purposes? As I’m sure the Experts can understand, there are a lot of competing benefits projects here, so I want to prioritize this project accordingly. "
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Webinar: Your HSA Questions Answered - Oct. 13
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Join PLANSPONSOR and industry experts for a webinar October 13 during which you will increase your understanding of health savings accounts by comparing features to those of defined contribution plans, learn how to position HSAs on your menu of benefits, and hear tips for increasing employee engagement with HSAs. Register today.
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Participate in the DC Survey
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For more than 20 years, PLANSPONSOR’s annual Defined Contribution Survey has provided benchmarking data for nearly 50 industries/business sectors and for 401(k), 403(b), and other DC plans, as well as nonqualified plans. Represent your industry and plan type by participating, and you’ll receive a free benchmarking report.
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