June Checklist For Plan Sponsors

  • Begin planning an internal audit of participant loans granted during the first six months of the Check for delinquent payments and verify that repayment terms and amounts borrowed do not violate legal limits.
  • Confirm that Form 5500, and plan audit if required, will be completed prior to the filing deadline or that an extension of time to file will be necessary (calendar-year plans).
  • Review plan operations to determine if any qualification failures or operational violations occurred during the first half of the calendar year. If a failure or violation is found, consider using an Internal Revenue Service or Department of Labor self-correction program to resolve itConsult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan.