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Safe Harbor Notices
A Safe Harbor 401(k) Plan must provide eligible employees an annual written notice which describes the employee’s rights and obligations under the arrangement not more than 90 days and not less than 30 days before the beginning of the plan year. Newly eligible employees who become eligible later than the 1st day of the plan year must receive notification no later than the effective date of their participation.
Summary Plan Description (SPD)
The SPD must be distributed to plan participants no later than 120 days after the effective date of the plan. Newly eligible participants must receive a SPD within 90 days of becoming a participant in the plan. Beneficiaries entitled to death benefits must also receive a copy of the SPD no later than 90 days after commencement of their benefits.
Summary of Material Modifications (SMM)
A SMM must be provided to participants and beneficiaries within 210 days after the close of the plan year in which the plan sponsor adopts an amendment to the plan.
Summary Annual Report (SAR)
The SAR must be provided to all participants and beneficiaries receiving benefits by the later of nine months after the plan year or two months after the due date of the plan administrator’s 5500 filing, including extensions.
Participant Statements
Participant Statements should be provided to participants, beneficiaries and terminated participants at least annually.
Blackout Notices
A Blackout Notice must be provided to all participants and beneficiaries whose right under the plan will be temporarily suspended, limited or restricted by the blackout period. The most common reason for a blackout period include, changes to recordkeepers, changes to investment offerings, corporate mergers or acquisitions and spin-offs that impact the company’s retirement plan. Retirement plan administrators are required to give a blackout notice to affected participants and beneficiaries at least 30 days, but not more than 60 days in advance of the effective blackout date.
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