So You Failed Compliance Testing-Now What?

Kacy Reece-Balboni

Kacy Reece-Balboni

Blog Post

Every year, companies and organizations are required to complete their plan's annual compliance testing. These tests are performed to ensure all employees of the organization are receiving the appropriate benefits, and that employers are adhering to ERISA and IRS rules and regulations governing retirement plans.  

While many organizations go through the proper protocols and steps to a “T,” they still can run into issues that may keep them from passing all the required compliance tests. However, it’s important to keep in mind that failing shouldn’t always be seen as a negative. Typically, it means you have a minor setback that has delayed your eventual passed test, or you simply maximized your plan’s benefit offering. If you find your company has failed any of the required compliance tests, what steps can you take to amend the results?

Continue Reading