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

An Enrolled Retirement Plan Agent (ERPA) is an individual who is qualified to practice before the Internal Revenue Service (IRS) in matters pertaining to retirement plans. This designation is awarded by the IRS to practitioners who have demonstrated comprehensive knowledge of the laws and regulations of the Internal Revenue Code Sections related to retirement plans. The ERPA designation can be earned following the completion of written examinations administered by the IRS or

In the sea of sameness, 401(k) Recordkeepers, RPCs, 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

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

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