The IRS has completed compiling data from a 401(k) questionnaire it sent to 1,200 plan sponsors. The findings show what the most popular plan features are.

Some of most common features:

  • Catch-up contributions (96% of plans offer this)
  • Direct rollover distributions (79%)
  • Hardship withdrawals (76%)
  • Matching contributions (68%)
  • Non-elective profit-sharing contributions (65%)
  • Employee loans (65%)
  • Restriction that participants be 21 or older (64%), and
  • Requirement that employees must be on the job for at least a year before they can join the plan (54%).

Other notable design features and the percent of plans offering them:

  • Ability for participants to change deferrals at any time (41%)
  • Roth option (22%)
  • No age requirement to sign up (20%), and
  • No minimum service requirement (13%).

The IRS also found that 53% of respondents use a third-party administrator.

Info: To download the IRS’ 401(k) Compliance Check Questionnaire Interim Report, click here.


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