Filing the Federal Form 5500 is the last step of the compliance process, and needs to be completed by the employer every year, and the process usually begins immediately following the end of a plan year. For most of LT Trust’s small business 401(k) clients, a 12/31 year-end plan date is common, and there is a significant flurry of compliance activity surrounding the process. Although this year’s deadline has been extended for most plans, due to COVID-19, the compliance process remains the same. Let’s take a deep dive into the processes that the LT Trust team uses to ensure each client’s compliance needs are satisfied.
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