Having worked with over 200 plans, including a large number of plans that were conversion plans (plans that already exist where we take over as the 401(k) advisor), we have noticed a lot of common errors. These are tactical errors that can cause compliance issues or poor participant experience. The list below includes some of the most common tactical 401(k) data-quality errors that we have found.
What are common 401(k) plan administration errors?
As a plan sponsor, you take on fiduciary responsibilities for your employees – some might say that you are an employee fiduciary. You need to think about both the investment side of the plan as well as the administrative responsibilities, and should actively seek to minimize plan administration errors.
We are proud to offer full ERISA 3(16) fiduciary services to take on the work and liability for administering your company’s 401(k). With payroll integration and recurring, automatic compliance checks, ForUsAll takes on everything from your plan’s daily operations to Form 5500 completion and signing so that you can lessen the risk and liability of these common 401(k) errors.