To that end, we offer the following list of best practices. Give us a call. One of our specialists is ready to help your business do all it can to help both owners and employees reach their retirement years successfully.

Employment Records
Keep them current, including:

• Name
• Social Security number
• Date of hire
• Date of birth
• Date(s) of termination, if applicable
• Date(s) of rehire, if applicable
• Leave of absence dates (military, disability, FMLA, maternity/paternity, etc.)
• Current mailing address

Payroll Records
At the end of your plan year, you should be able to provide a report to your plan administrator that includes the following:

• Total wages (before deductions)
• Retirement plan contributions (pre-tax or Roth, 401(k), 403(b) or 457)
• Hours worked (your Plan Document will define the correct method for tracking hours)
• Excluded compensation, if any (Your plan may exclude some compensation for purposes of determining the employer contribution or for certain compliance tests).
• Employee type (Some plans exclude certain types of employees, including union and hourly employees; others may allocate contributions differently for various types of employees)

Deposit Records
You will also need to track and report the following:

• A list of your company’s shareholders/partners/owners
• A list of any family members who work for the company and are shareholders/partners/owners
• A list any other companies owned by your shareholders/partners/owners
• A list of your company’s corporate officers

Corporate Records
You will need to provide the following information to your TPA annually:

• All deposits made to the plan
• The pay-period date for each deposit
• The amount of the deposit
• The date each deposit was sent/posted to the trust (ACH transfers are preferred over mailed deposits.)
• The subtotal of each of the various types of contributions sent, including pre-tax, Roth, employer match, loan payment and any others