Retirement Services

Underwritten by United of Omaha Life Insurance Company or Companion Life Insurance Company

Time To Start Thinking About Year-End Requirements

Fiduciary Responsibilities (Fall 2015)

The end of the year can be a very busy time. Along with everything else on your to-do list is a set of regulatory requirements for your retirement plan. In order to have a successful transition from one year to the next, a thorough process to fulfill these obligations should be in place to keep your plan in compliance.

In the coming weeks, we’ll email you a more detailed Guide to Year-End Events. For now, here’s a brief overview of items you can start preparing:

  • Plans that contain popular features such as automatic enrollment, annual contribution increases, default investment options and safe harbor designs, are subject to certain ERISA requirements including annual notices to employees prior to the beginning of each new plan year. Last year’s notices can often be edited and re-used
  • Accuracy of participant data is critical to ensuring compliance with plan rules and regulations. Review your census information carefully and make appropriate updates prior to plan-year testing
  • For plans with automatic increases to deferral contributions, the first payroll of the plan year is often the time for annual increases to be implemented. Have calculations prepared in advance to ensure a seamless conversion to 2016
  • The first day of the plan year can also be a popular entry date to the plan for new employees, particularly if the plan allows for quarterly or monthly enrollment. Well-prepared employee education materials can help immensely with this process

Our Guide to Year-End Events, coming soon by email, goes into more detail and can guide you through a smooth year-end transition.

Contact your Mutual of Omaha representative with any questions.

Questions? Please Call: (888) 917-7120