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Mastering Census Verification

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Today we'll be discussing 'Mastering Census Verification while maintaining accurate participant information.

It's your responsibility, as a plan sponsor, to effectively communicate with all retirement plan participants, whether they're active employees or ex-employees maintaining a balance.

Key to this is ensuring that all census information, including physical addresses, contact numbers, and personal email addresses, is correct and updated. However, participants often forget to provide updates when their circumstances change, leading to potential inaccuracies.

The Department of Labor's 2021 best practices highlighted the need for annual census verification, as well as constant reminders for participants to update their information. Regular, direct communication with participants, confirming their information, is the most efficient way to maintain accurate census data.

For more information on how to keep your plan compliant, don't hesitate to contact us today.

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