Easing the Burden of Required Notices
For many plan sponsors, delivering required participant notices can feel like a huge burden. It’s a time-consuming task, and they can face big penalties if notices are not sent on time or contain incorrect information.
Sending required notices is one of our 5 Moments of Truth, a critical event that you can discuss with clients and demonstrate your value.
- Annual census
- Compliance testing
- Form 5500 and audit
- Delivery of required notices
- Measurement and strategic planning
How can you help lessen this burden on your clients while strengthening your business relationships? Connect them with a reliable partner who can take on the job of delivering required notices.
A provider like The Standard can take these tasks off their plates:
- Documenting the process
- Deciphering requirements and timing
- Creating or modifying notice templates
- Preparing for e-delivery or mailing
- Printing and mailing notices, if applicable
- Sending notices to current or former employees with a balance
- Monitoring e-delivery opt-outs
- Tracking and responding to undelivered notices
Help your clients delegate these required tasks. This can give them greater peace of mind and protection from liability. Meanwhile, your attention to easing their stress is a solid way to demonstrate your value.
Help Clients Avoid These Potential Fines*:
- Up to $184 per day, to a maximum of $1,846, for failure to furnish information requested by the Department of Labor. Some examples are summary plan descriptions and summary of material modifications.
- Up to $2,046 per day for each incident for failure to provide an automatic contribution notice.
- Up to $164 per day for each participant for failure to provide a proper blackout notice on time.
- $36 per participant for failure to provide a benefit statement to terminated participants.