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404×c) and 404a5 Checklist Plan Sponsor: Plan Name’s): Record Keeper: Advisor: Overview The new participant disclosure regulation under ERICA 404a5 requires the plan fiduciary1 to furnish much

How to fill out 404c and 404a-5 checklist

How to fill out 404c and 404a-5 checklist and who needs it:

1. Familiarize yourself with the purpose of the 404c and 404a-5 checklist. The 404c and 404a-5 checklists are used in the retirement plan industry to ensure compliance with the fiduciary responsibilities outlined in Section 404(c) and Section 404(a)(5) of the Employee Retirement Income Security Act (ERISA).
2. Obtain the necessary forms. The 404c and 404a-5 checklists are typically provided by the plan administrator, financial advisor, or other professionals involved in managing the retirement plan. If you don't have the checklists, reach out to the appropriate parties to acquire them.
3. Review the checklist thoroughly. Take the time to understand each item and its requirements. The 404c checklist is designed to evaluate whether the plan sponsor has met the conditions necessary to qualify for 404(c) safe harbor protection. The 404a-5 checklist focuses on the disclosure requirements for participant-directed individual account plans.
4. Gather the relevant information. To complete the checklists, you will need to collect various details, such as plan documents, investment policies, participant disclosures, and any other relevant documents related to the retirement plan. Ensure all the necessary information is accessible before proceeding.
5. Evaluate each item on the checklist. Carefully consider whether your retirement plan meets the requirements specified in each item. If it does not, make note of the areas that need attention or improvement.
6. Seek professional guidance if necessary. If you are unsure about any aspect of the checklist or require additional clarification, don't hesitate to reach out to a knowledgeable professional, such as a retirement plan consultant, attorney, or CPA, who can assist you in completing the checklist accurately.
7. Make necessary adjustments. Based on your evaluation, take appropriate action to address any shortcomings or non-compliance identified in the checklist. This might involve updating plan documents, improving disclosures, or making changes to investment options, among other steps.

Who needs a 404c and 404a-5 checklist:

1. Employers or plan sponsors who are responsible for managing retirement plans that fall under the provisions of ERISA must ensure compliance with Section 404(c) and Section 404(a)(5). These sections specifically pertain to participant-directed individual account plans, such as 401(k) plans.
2. Plan administrators, financial advisors, and other professionals involved in overseeing retirement plans can also benefit from using the 404c and 404a-5 checklists as tools to evaluate and maintain compliance.
3. Ultimately, any party with fiduciary responsibility or a vested interest in the proper operation of participant-directed individual account plans should understand and utilize the 404c and 404a-5 checklists to ensure legal compliance and safeguard the interests of plan participants.

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What is 404c and 404a-5 checklist?

404c and 404a-5 checklists are internal controls established by companies to ensure compliance with the Sarbanes-Oxley Act.

Who is required to file 404c and 404a-5 checklist?

Publicly traded companies in the United States are required to file 404c and 404a-5 checklists.

How to fill out 404c and 404a-5 checklist?

To fill out 404c and 404a-5 checklists, companies must evaluate their internal controls over financial reporting and document any deficiencies or weaknesses.

What is the purpose of 404c and 404a-5 checklist?

The purpose of 404c and 404a-5 checklists is to provide assurance that a company's financial statements are accurate and reliable.

What information must be reported on 404c and 404a-5 checklist?

On 404c and 404a-5 checklists, companies must report on the effectiveness of their internal controls and any actions taken to address deficiencies.