Plan Requirements & Business Changes (Video)

ERISA (Fidelity) Bond

• An ERISA (or Fidelity) bond is basically an insurance policy for your retirement plan participants.
• Once you have employees who are eligible to participate in the retirement plan, aside from the company’s owners, you are required to obtain an ERISA Bond.
• If you need assistance acquiring an ERISA, call LRS, we can help.
• For more information about this bond requirement please view: Obtain Your Plan's Required ERISA (a.k.a. Fidelity) Bond
• ERISA & Internal Revenue Code
• Renew Your ERISA (a.k.a. Fidelity) Bond

Internal Revenue Service Form 5500

• Internal Revenue Service (IRS) Form 5500 is required for your retirement plan.
• Form 5500 must be filed annually with the Department of Labor (DOL).
• Form 5500 is filed electronically with the Department of Labor.
• Filing date is based upon your retirement plan’s year-end date.
• To find your plan’s year-end date refer to your plan’s Adoption Agreement.
• If you still need help finding your plan’s year-end date, call LRS at 1-800-974-2814.

Business Changes

• Changes in your business can have implications on the retirement plan sponsored by your company.
• Several types of changes to the business can affect the retirement plan due to Internal Revenue Service and Department of Labor regulations.
  1. It is Very Important for you to inform LRS of several types of changes to your business so we can evaluate and identify IRS and DOL requirements that may be associated. Please contact LRS if any of the following business changes are, or will be, made:
  2. If the owners of the company sponsoring the Retirement Plan have ownership in or common control over other business ventures or entities. This may require you to offer the Retirement Plan to employees of those other entities.
  3. If you wish to change the type of entity or tax classification of your business (for example C-Corporation to S-Corporation), or if you want to establish other entities regardless of whether they are associated with your business. Internal Revenue Service regulations require additional action.
  4. If ownership of your business/entity and another commonly owned or controlled entity changes.
  5. If you plan on buying another business, buying part of a business, or buying a larger stake in any of your existing businesses. You may be required to offer the Retirement Plan to employees of those other entities.
  6. Starting a new business, even if not related to your original business.
• Contact Leading Retirement Solutions if any of these scenarios apply to you or your business to ensure your retirement plan remains in compliance with IRS and DOL regulations.
• For more information please see: Changes to Your Business and Commonly Owned or Controlled Business
• C-Corporation Status for the ROBS Plans - Do Not Change the Type of Entity  

Sponsoring Other Retirement Plans

• If you wish to sponsor another retirement plan (whether a SEP, SIMPLE, IRA, another 401(k), etc.) it is important you contact us prior to doing so to ensure you remain in compliance with DOL and IRS regulations.
• Government regulations place restrictions and additional requirements on other retirement plans adopted by your company and/or other businesses in which you have common ownership or control.

Our client services professionals are always happy to help answer any questions you may have. Call, Email, Live Chat, or meet with a Leading Retirement Services team member via Video. Whichever method you prefer we can make happen. We strive to be accessible to our clients when you need us.

For questions about your 401(k) Plan contact our Client Services Team:  

• Phone: 206-430-5084 (Option 3)
• Toll Free: 1-800-974-2814 (Option 3)    
• Email: Service@leadingretirement.com
• Or Live Chat through your Online Account / Plan Administration Portal located at: https://www.leadingretirement.com/portal/

For billing questions please contact our Accounting Team:

• Phone: 206-430-5084 (Option 2)
• Toll Free: 1-800-974-2814 (Option 2)
• Email:  Accounting@leadingretirement.com