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filing 401k election forms
Benefits & Compensation
filing 401k election forms
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Where do you file your ees 401k election & change forms? Our plan requires ees to complete a form every quarter (whether they have changes or not). We file them in their personnel files, but it is
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Forums » Topic Forums » Benefits & Compensation » filing 401k election forms
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filing 401k election forms
posted at 1/5/2010 6:01 AM EST
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Posts: 3
First: 11/3/2009 Last: 1/5/2010 |
Where do you file your ees 401k election & change forms? Our plan requires ees to complete a form every quarter (whether they have changes or not). We file them in their personnel files, but it is making for fat files. Thanks for your suggestions. |
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filing 401k election forms
posted at 1/5/2010 7:42 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
Can you electronically file/store them by quarter? I'd be really tempted to do so.
Or even store the paper copies in files by quarter, rather than by employee with those who have changes in front and those who don't in back alphabetically. I am really really surprised that your plan requires they do this every quarter. I have never seen a plan that does this (not even on an annual basis!). That would be one change I would strongly consider next time you have a plan amendment. (saying this from both a payroll and an HR standpoint -- since one or both would have to either re-input for all employees or look for changes amongst many who haven't changed!) |
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filing 401k election forms
posted at 1/5/2010 7:45 AM EST
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Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
We store ours in the benefits portion of their employee files. But I rarely had any changes -- maybe once a year, since they could do their fund transfers online. So all I got were deferral % changes.
And in our yearly benefits communication, they were told that their prior election was still in effect, but now was a good time to review/change it. |
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filing 401k election forms
posted at 1/5/2010 7:47 AM EST
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Posts: 155
First: 8/24/2009 Last: 2/9/2010 |
I agree with the recommendation of electronic filing.
However, I have a question. What is the real value of a quarterly update to the 401K elections? It almost seems to be a penalty for participating. What happens if they don't update? I would give strong consideration to a change to that criteria and then the problem simply goes away. |
Forums » Topic Forums » Benefits & Compensation » filing 401k election forms
