Welcome to 401(k)ompass, a series of two-minute videos to help you manage your 401(k) more effectively by addressing current issues and challenges.
In our latest installment, Derek Burrow discusses two key areas where companies often face challenges: participant loan administration and compliance with annual deadlines. He explains how loan repayment issues can lead to costly consequences and shares tips for handling these situations, including alternative repayment methods. Additionally, Derek covers the risks associated with falling behind on annual testing and 5500 filings, emphasizing the importance of proper planning to avoid legal penalties.
Watch now to learn more about how to stay compliant and avoid common pitfalls in your 401(k) administration.
Join us as we explore strategies for optimizing your 401(k) plan for the benefit of your employees and your business.
