We keep participant accounts accessible for a period of time after you have left the company that sponsored your 401(k) plan. This ensures that we are able to provide legally required notices and any contributions that may be owed to you at year end, as many plan activities are measured on a calendar year basis.
These notice requirements apply to both current and former plan participants, including those who have distributed their funds or did not contribute to the plan. In addition, we are required by the IRS to maintain information regarding your plan account for six years, plus the current year.
Required notices may include:
- Form 1099-R for distributions (typically posted in January following the year of distribution)
- Summary Annual Reports (typically issued by September of the year following the report)
- Summary of Material Modifications
- Records regarding any corrective or trailing contributions for your account