401(k) Compliance Mistakes: The best defense is offense

401(k)s are a critical asset for your employees — and your business. But even a tiny mistake could trigger an audit. Follow these helpful tips to keep your company compliant.

Keep an eye on the laws. Legal issues regarding 401(k)s are always changing. It’s important to stay aware of the shifting legal landscape in this and many other areas; your business could depend on it.

Uncashed benefit checks. Surprisingly, checks can often go uncashed as a result of many factors: misdelivery, loss, destruction, or even forgetfulness on the part of the intended recipient. It’s important for your business to track those numbers carefully, lest they trigger an audit.

Incorrectly calculated employee contributions. Are you sure your employees’ contributions all add up correctly? Be sure to satisfy both the plan document and the wishes of your employees.

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