One of the most popular 401(k) Plans, Safe Harbor is great for owners and employees alike. The Safe Harbor plan design allows business owners to provide retirement benefits to their employees while simultaneously ensuring they can save at the maximum rate allowed by the IRS. While Safe Harbor plans offer many benefits, there are strict rules that must be followed and some potential drawbacks that must be considered. In this post, we will provide you with information that may

Someone with discretionary authority over an organization’s 401(k) plan administration, is considered a “Fiduciary.” A fiduciary has many administrative responsibilities and must perform them with diligence and prudence. They are responsible for acting in the best interest of plan participants and beneficiaries, and as such, they are held to very strict standards of conduct. Failure to understand these responsibilities can lead to administrative errors which can result in per

Though it seems like it will never arrive, the end of the Coronavirus pandemic will come eventually, and the world will return to some sense of normalcy. Of course, right now everyone is rightly focused on their health and that of their families. But when the sun rises on that elusive day, we will need to keep on administering retirement plans. The pandemic has certainly had its impact on retirement savings: with the stock market dropping and 401(k) accounts taking a hit, 61

401(k) contributions result in tax advantages. As such, it is important that the 401(k) plan benefits all employees...

There are many types of retirement plans each with their own set of rules, regulations, and, ultimately, reasons why an employer should institute them. That's why we've made it our mission to explain different retirement plans to help employers make the best choice for their company and their employees. This week, we're making port at the safe harbor 401(k). What is the Safe Harbor? Before we get into how safe harbor 401(k)s work, we should explain why they came to be. Tradi