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

As the Retirement Plan Consultant (RPC) 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 submit

I am in sales and have I got a deal for you, Mr. Plan Sponsor. I know you don’t want to spend much time on your employee’s retirement plan. With our bundled solution we won’t get many people involved in the actual operation of your plan, so you won’t be confused with numerous people to call. We will keep this simple so that expenses really won’t have to be discussed for administration—It is just all included in the one easy price. Lastly, why get bogged down with a discussion