Employer-sponsored retirement plans such as a 401(k) provide companies and employees with numerous benefits. When establishing a 401(k), you will designate an individual or committee within your company that is responsible for the establishment of the plan document, communication, compliance, and more. In this blog, we are going to uncover the 12 things that every 401(k) Plan Sponsor needs to know including tips and responsibilities. What are a Plan Sponsor's Responsibilities

In the sea of sameness, 401(k) Recordkeepers, TPAs, and Advisors are all looking for a marketing edge. There is always something new to talk about, 3(21), 3(38), MEPs, PPA, Secure Act, Cares Act, Restatements, PEPs, the list goes on and on. One of the newer items that is becoming a topic of discussion is a 3(16) fiduciary. The marketing spin is that if you hire a 3(16) fiduciary as the administrator of your retirement plan then you have transferred the responsibility for the

Administering a company 401(k) plan comes with its own unique set of challenges and potential errors. As you familiarize yourself with the process, it is common to make a mistake or two. However, these mistakes can result in penalties, liability, and even plan disqualification. While it may sound scary, this is not the end of the road – let's discuss common 401(k) contribution errors and how to correct them. Error #1: Missing Employer Matching Contributions Whether you forgo

Company 401(k) plans are created to benefit all employees, regardless of where they fall in the organizational hierarchy. In order to prevent 401(k) plans from favoring company executives, owners, and employees who are on the higher end of the pay scale, the IRS has enforced annual nondiscrimination testing . In this blog, we will discuss what nondiscrimination tests are and how to stay compliant with the IRS rules and specifications. What is Non-Discrimination Testing? The

Employer-Sponsored Retirement plans are a great incentive to add to your company due to their low cost and numerous benefits . When it comes to choosing an employer-sponsored retirement plan it is important to consider your business type, size, as well as your current economic sector. In this blog, we will discuss the different types of employer-sponsored retirement plans. 401(k) 401(k) plans, also known as defined contribution plans, are the most common of employer-sponsore

Planning for retirement is a top-of-mind priority for many American workers but saving can be difficult when there is no set plan in place between the individual and employer. However, at the end of 2019, a significant step in the right direction was taken to assist with the retirement crisis with the passing of the Setting Every Community Up for Retirement (SECURE) Act. What is the SECURE Act and how will it benefit your business and employees? Let's investigate: Understan