Annual Reviews

Annual Reviews

Ever changing Conditions

Employees come and go, regulations change, and targets will be adjusted. This is why yearly reviews are so critical when working with a retirement plan. It’s important to catch all of the potential problems before it becomes a costly error. 

At Levy and Associates, our dedicated team takes on the responsibility of making that our client’s plan is kept up-to-date while conditions chance. 

Our annual review services include: 

  • Make sure Actual Deferral and Actual Contribution Percentages are on target
  • Screen to make sure the client’s retirement plan is in compliance with non-discrimination laws
  • Check annual and estimated contributions
  • Issue and file the proper forms
  • Plan termination and liquidations when the time arrives

Every retirement plan entails a large amount of reporting and our dedicated team of professionals is equipped with the knowledge and skills to handle them. This allows us to recognize where an area may be weak and result in a potential problem.

Some of the most common errors listed by the IRS are:

  • eligible employees are not covered
  • employees do not have adequate or required information
  • employee deferrals are not deposited on a timely basis
  • employer contributions are not deposited on a timely basis
  • plan’s original terms are not followed
  • limits on deferrals and contributions have been exceeded

It’s standard to make adjustments to any policy and plans can roll on for years with no issue at all and then all of a sudden run into something problematic. Annual reviews give everyone an opportunity to double-check their work and find the new solution if needed, be it big or small.

Other Services