Reporting

The Internal Revenue Service audits all qualified plans. Employers should maintain policies and information to demonstrate compliance, if an audit occurs.

Employers should maintain:

  • Written procedures for determining the eligibility status of each employee
  • A process used to determine if eligibility was met, if eligibility is limited by hours
  • List of employees
    • Excluded from any qualified retirement plan(s)
    • Eligible to participate in the qualified retirement Plan(s).

Activity Reports

We provide activity reports to the employer as requested and or in the event of an audit. These reports include:

Year-to-Date

  • Contributions – Total amount of all contributions made by participants of the Plan to respective approved providers in a given calendar year.
  • Distribution information – Total amount of distributions made to Plan participants from providers during a given calendar year.
  • Hardship – Total amount of hardship distributions made to 403(b) Plan participants from providers during a given calendar year.
  • Loans – Total amount of loans taken by all Plan participants during a given calendar year.

Asset Account Balance

  • By provider – Total of all account balances, by provider, of all Plan participants.
  • By participant – Total of all account balances, by participant, of all providers of the Plan.

Other

  • Contributions – Total amount of all contributions made by participants of the Plan to respective approved providers in a given calendar year.
  • Distribution information – Total amount of distributions made to Plan participants from providers during a given calendar year.
  • Hardship – Total amount of hardship distributions made to Plan participants from providers during a given calendar year.
  • Loans – Total amount of loans taken by all Plan participants during a given calendar year.


Administered and Marketed by American Fidelity Assurance Company, dba AFPlanServ®

ESB-4145-0816