When it comes to 401(k) compliance, you probably already know that there’s a lot you need to stay on top of.
You probably also don’t have time to spend hours researching online or digging through ERISA codes to figure out what you have to do and when you have to do it by.
That’s why we put together this simple 401(k) compliance calendar. It’s all the major 401(k) compliance deadlines you should be aware of in 2020 in one convenient page. Feel free to bookmark this page and check back every so often to stay on top of your deadlines.
While we’re on the subject of 2020 plan rules, you should be aware of these changes which may impact your compliance:
- The elective deferral limit for 2020 has increased from $19,000 to $19,500. This deferral limit applies to each participant on a calendar year basis. The limit applies to 401(k) plans, including Roth and pre-tax contributions, 403(b) and 457(b) plans.
- Catch-Up contributions increased to $6,500 and are available to all participants age 50 or older.
- The 2020 annual contribution limit has increased to $57,000. This limit includes both employee and employer contributions as well as any allocated forfeitures. (For those over age 50, the annual catch-up contribution limit increases to $6,500.)
With those updates in mind, here’s the 2020 401(k) Compliance Calendar.
Note: With ForUsAll's 401(k) Solution, you do the items highlighted with blue text. We help with the rest!
It’s a lot to deal with, no doubt. Just be proactive and get your work underway well in advance to give yourself enough time to deal with mistakes and corrections.
Of course, If you’d rather not deal with it, we’d love to help! When companies use our All-in-One 401(k) Solution, they personally don’t have to worry about meeting most of those deadlines. With 3(16) fiduciary services, ForUsAll takes the legal responsibility for properly administering your plan off your plate. Check out our solution today to learn more!