Each Monday 401kBasics posts a new tip as a part of our series “Plan Sponsor Quick Tips”. This series is designed to assist plan sponsors in filling their fiduciary role and running their retirement plan efficiently. Your feedback or suggestions on future articles is welcome.
October 17th is upon us and many of you have completed filing your 2010 form 5500s. If you have not done so already, get to it ASAP to avoid penalties. The sigh of relief that comes with receipt of the FILING RECEIVED status from the DOL can be quiet a good feeling. Your fiduciary role however does not end there. Below are a few steps that you can take as part of your due diligence:
- 5500 Records – Make sure that your have kept signed copies of your 5500 and the Summary Annual Report. They are handy in audit situations.
- User IDs and Passwords – Find a secure location to keep these for use with your service provider and EFAST websites.
- Employer Identification Number (EIN) – Keeping a record of this nine digit number in a known location will assist you in accessing your 5500 records on the EFAST website with ease.
These are a few tips that you could start using today and breeze through the 5500 process in future years. Whenever in doubt make sure you reach out to your service provider for more information on the topic!
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