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Notice Necessities

Understanding Participant Communications

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Let's discuss Notice Necessities and understanding participant communication.

The Department of Labor calls on plan sponsors to send notices to all participants in your company's 401k retirement plan. These individuals aren't only those with an active balance but also include anyone eligible to join the plan.

Why send notices? They provide vital details about the plan, such as financial status, updates on investment options, and changes to plan operations. They're also required to highlight any changes to the plan before they take effect.

So, if you're running a retirement plan, distributing these notices is part of your duty. The Department of Labor has a helpful guide showing you how to send and ensure receipt of these notices. Compliance with this practice is critical and often scrutinized during their investigations.

For more information on notice necessities and understanding participant communication. Contact us today.

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