401(k) plans offer tax benefits to both employees and employers. To ensure the plan is being offered and utilized in a non-discriminatory manner, compliance testing is required annually.
Completion of the Compliance Hub is the first step towards completing your plan’s annual compliance testing. Complete the questionnaires and company census by January 31, 2023 to meet the federally-mandated deadlines for your 401(k) plan.
To learn more about compliance testing, visit this resource. If your plan does not pass compliance testing, a corrective action is required. Learn more about your options and how to prevent future failures here.