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Be Aware of Common Mistakes in Employee Retirement Plans

April 12, 2018

Via: HR Hero

Employee benefits and retirement plans must comply with various laws and regulations to maintain their tax-qualified status. Some errors that can cause a plan to lose its tax-qualified status may occur in the underlying plan document.More commonly, the error will result from a failure to follow the terms of the plan, and even a small error can cause the plan to lose its qualified status. If a plan loses its tax-qualified status, employees may have to include plan contributions and any increases in the plan’s value in their income and pay taxes on their contributions.

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