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

What is a cross-tested plan? A cross-tested plan is a defined contribution plan that uses a certain testing method to show that the plan does not discriminate in favor of highly compensated employees. To be entitled to favorable tax treatment, a qualified retirement plan cannot discriminate in favor of highly compensated employees (HCEs). An individual is generally a highly compensated employee for a particular year if the individual earned over a certain dollar amount in the

When it comes to deciding on a retirement plan, there are many choices, yet, one plan that is increasing in popularity is the cash balance plan. Compared to traditional 401(k) retirement plans, cash balance plans come with a twist and numerous benefits that you may not have been aware of. In this week's blog, let's take a look at the six things you may not know about cash balance plans. 1. Significant Tax Benefits Cash balance plans can bring tax benefits to the company. Whe

Every so often, all qualified retirement plans must be updated to reflect legislative or regulatory changes. Some of these updates are made through plan amendments, while others require plan documents to be rewritten—known as "restating" the plan. The deadlines for adopting such updates are usually dependent on the type of plan and plan documents. For example, defined contribution plans (such as a 401(k)) are generally restated every six years. Amendments may still be require

As the Third Party Administrator (TPA) for Qualified Retirement Plans, it is our duty to ensure the legal plan documents stay up to date and compliant with the IRS regulations and law changes that affect retirement plans. The IRS mandates that Defined Contribution Plans (such as 401(k), Profit Sharing, Money Purchase, etc.) be restated every six years to ensure the documents are current and include all changes that have occurred during the prior six-year period. RPCSI submitt