Back to School – 401(k) Edition

What makes 401(k) plans so popular, and who can sponsor and participate in these plans? Our 401(k) refresher sheet answers these questions, and more! If you’d like a more in-depth lesson on 401(k) plans or other retirement plan options, contact your financial advisor. Advisors, if you’re looking for a valuable resource and local expert on retirement…

A Safe Harbor Plan Makes “Cents”

Dr. Smith is the Plan Sponsor of the ABC plan. He earns $200,000 per year and contributes $18,000 to his traditional 401(k) account. Dr. Smith’s only employee and office assistance, Ella, makes $30,000 per year and she contributes $1,200 per year to the traditional 401(k) account. Dr. Smith does not make a matching contribution to…

14 Years of Failed 401(k) Testing…This is no April Fool’s Joke

We once took over a retirement plan from another Third Party Administrator. The business sponsoring the plan was a small family owned business with several family members working in the business and few rank and file employees. During the transfer process, we assessed the plan design and encouraged this client to switch to a Safe…

Safe Harbor 401k

The Continuing Evolution of the Safe Harbor 401(k) Plan

Introduction Background Tried it but didn’t like it Tried it, like it, but want to make a few changes Forfeitures…be careful when and how you use them Oops! Forgot to provide the safe harbor notice! Conclusion The safe harbor 401(k) plan roared onto the scene in 1998 as a new design that allowed company owners…

Safe Harbor Deadlines

Safe Harbor Deadlines In order to be in compliance with all of the safe harbor regulations and to take advantage of the benefits provided by having a safe harbor 401(k) plan, you must provide all eligible employees a timely written notice describing their rights and obligations under a safe harbor plan. The deadline to establish…