Your retirement plan’s Adoption Agreement contains key employer identifiers. These include:
- Legal business name
- Federal Tax Identification Number
- Month and day that the tax year ends
- Type of business (Partnership, C Corporation, LLC, etc.)
- Name of Plan
- Plan Number
- Account Number, usually assigned by your Plan’s platform provider (e.g., Ascensus, The Hartford, The Newport Group, Fidelity, etc.)
- Effective date of Adoption Agreement (the Plan’s original effective date and date of this amendment and restatement, if applicable)
- Trustee and Custodian
Verify Business Details are Correct
Confirm that any of the company details are updated to reflect current company information. Most of this information is required on distribution forms (loans, hardship withdrawals, rollovers, termination, etc.,) so being familiar with this data and where it is located on your Adoption Agreement makes completing these forms quickly.
Verify that your Adoption Agreement has been updated to reflect the most recent legislative changes.
These legislative changes are either incorporated into the Adoption Agreement or have been restated in a Plan Amendment. Confirm that your Plan has been updated to reflect the following legislative changes:
- Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
- Pension Protection Act of 2006 (PPA)
- Heroes Earnings and Assistance Relief Tax Act of 2008 (HEART)
- Worker, Retiree, and Employer Recovery Act of 2008 (WRERA)
Click on the above URL to learn more about each Act.