TheAverageBear
03-16-2012, 06:26 PM
I'm in the beginning phases of establishing a 401(k) defined contribution plan for my employees.
I've been told that when I create 401(k) accounts that I'll need "consent forms" to disseminate the Social Security number of the employee to the plan's provider/
What???
I don't need that signed permission to establish payroll to the IRS.
Why does the provider of the 401(k) plan not provide a form if it is that so "hoity toity" important?
Anyway this form is supposed to state whatever federal statute authorizes me to ask for the Social Security number and how the Social Security number will be used.
I have a list of HR forms that I can purchase BUT THERE is nothing available for this type of form... Why not? If this was all that important or mainstream, it should be in a list of HR Forms.
What federal statute requires me to ask for this in the first place and what is the downside if I just decide to blow this supposed requirement off? How much trouble, if any, would I be in?
I've been told that when I create 401(k) accounts that I'll need "consent forms" to disseminate the Social Security number of the employee to the plan's provider/
What???
I don't need that signed permission to establish payroll to the IRS.
Why does the provider of the 401(k) plan not provide a form if it is that so "hoity toity" important?
Anyway this form is supposed to state whatever federal statute authorizes me to ask for the Social Security number and how the Social Security number will be used.
I have a list of HR forms that I can purchase BUT THERE is nothing available for this type of form... Why not? If this was all that important or mainstream, it should be in a list of HR Forms.
What federal statute requires me to ask for this in the first place and what is the downside if I just decide to blow this supposed requirement off? How much trouble, if any, would I be in?