Even well-run retirement plans can experience operational issues. Retirement plan administration involves detailed rules, multiple service providers, payroll systems, participant data, deadlines, and plan document requirements. When something does not go as intended, it is important to identify the issue, understand the potential impact, and determine the appropriate path forward.
Common issues may involve eligibility oversights, missed deferral opportunities, late deposits, failed compliance testing, missed notices, loan administration concerns, contribution issues, compensation definition questions, data errors, or situations where actual plan operations need to be reviewed against the written plan provisions.
TNJ helps clients work through these situations in a steady, organized, and solution-focused manner. We assist with reviewing the facts, identifying the affected participants or plan years, evaluating available correction options, and coordinating the steps needed to address the issue.
Our support may include:
- Reviewing plan operations against plan document provisions
- Identifying operational issues or administrative inconsistencies
- Calculating missed contributions, earnings, refunds, or corrective allocations
- Assisting with failed testing corrections
- Reviewing eligibility, compensation, loan, distribution, and contribution issues
- Preparing correction documentation for the plan’s records
- Coordinating with advisors, recordkeepers, payroll providers, and other service partners
- Supporting correction efforts under applicable IRS or DOL correction programs when appropriate
When a formal correction program is needed, TNJ helps clients understand the process and prepare the required information. This may include assistance with IRS correction submissions, DOL correction procedures, supporting calculations, and related documentation.
Our approach is steady and calm. We know that plan issues can feel overwhelming, especially when multiple parties, deadlines, or prior years are involved. TNJ helps bring structure to the process so clients can move from uncertainty toward a clear path for resolution.