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177: What the Heck is a Retirement Plan Census?
Episode 1771st April 2019 • unsuitable on Rea Radio • Rea & Associates
00:00:00 00:22:10

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Do you offer a retirement plan as part of your benefits package? Then you’re probably familiar with the census form... but do you know why this form is necessary?

Andrea McLane, a senior manager and retirement plan consultant at Rea, joins unsuitable on Rea Radio to explain the retirement plan census, while passing along some best practices that will keep you from getting lost in the paperwork. Andrea chose a great week to join the show too, because she can help us all celebrate National Employee Benefits Day, which just happens to be April 2 this year!

What is this census data form and who needs to fill it out

Businesses (or a firm they outsource accounting duties to) should be sending census data forms to their employees every year, in order to do testing and calculate employee contributions to retirement plans. A lot of people think they only need to get this information from people participating in a retirement plan, but you need that data for every person who receives a W2.

If you are a business owner or an employee with retirement benefits, you will be interested in these other topics discussed in this episode:

  • How to get your census done quickly and effectively
  • Why you ALWAYS need to double check that what you withhold from payroll (and what happens if errors go unfixed)
  • Why you need to update beneficiary forms and keep them in a safe place

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