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Year-end Reminders

Plan sponsors make note: If your 401(k) plan has an automatic enrollment feature, uses a qualified default investment alternative (QDIA), and/or has a safe harbor design, you may have to furnish annual notices to plan participants concerning these features before year-end. The notices must be provided at least 30 days — and not more than 90 days — before the start of a new plan year. For calendar-year plans, that means no earlier than October 2, 2013, and no later than December 2, 2013.

Also, review your plan in preparation for making required minimum distributions (RMDs). RMDs generally must be paid to retired employees who have reached age 70½, any current employees who own more than 5% of the company and are age 70½ or older, and deceased employees’ beneficiaries. Retirees and more than 5% owners generally must take their first RMD by April 1 of the year following the year they turn age 70½. Your plan must make subsequent RMDs by December 31 of each year.

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