If you are considering a retirement plan for your business, a payroll deduction IRA is the simplest option. No plan documents are needed. As an employer, you have no filing requirements, and you do not make contributions. What could be simpler than that? A payroll...

When looking through retirement packages, you may notice that there are not only a lot of options, but there are a lot of people that are involved with the whole process. Understanding these different individual roles and the functions they play in your overall...

  Starting a new 401(k) match plan can be daunting. So many impactful questions arise when the time comes for a business to consider adding this benefit. If you find yourself thinking more and more about a 401(k) match, keeping the facts straight is important....

  When you are a business owner, your priority is to generate revenue in your company. You want to hire the best talent to maximize your profits through improved performance and productivity. One way to attract high-quality personnel is by offering an attractive...

  There are a lot of benefits that come with a 401(k) retirement savings plan. Not only is it a great incentive to retain employees, but it's a great way to plan for retirement and save on taxes. However, because of the substantial tax benefits that go with a...

How The SECURE Act Affects 401(k)s Recently, Congress passed one of the largest changes to the retirement plan industry in a decade. The Setting Every Community Up for Retirement Enhancement Act, also known as The SECURE Act, has been years in the making. The SECURE...

The Department of Labor requires you to benchmark your 401K at least once every three years, but it's actually recommended that you benchmark your 401K more frequently. Benchmarking is important because you'll need to evaluate your current 401K plan against other...

If your business is not offering a retirement plan, you're missing out on a lot of benefits. It's not only suitable for your employees but also for you as a business owner. You might be reluctant to offer a 401k plan due to concerns on issues related to...

The most heavily scrutinized fiduciary duty of a plan sponsor is its role as an Investment Steward, which also extends to members of the plan’s investment committee, trustees, and anyone else who is involved in the oversight of investment decisions for the plan....

For many small businesses comprised of one or several highly compensated employees and a few non-highly compensated employees, the Safe Harbor 401k plan may be the best option if maximizing contributions is a primary objective. Safe harbor plans effectively remove the...

Determining if you have highly compensated employees (HCEs) isn't hard.  The Internal Revenue Service (IRS) is clear on who qualifies as an HCE.  An HCE is an individual who: Owned more than 5% interest in the business during the current or preceding tax year....

Small business owners may think that a 401(k) retirement plan is too complex to implement and too costly to maintain.  But offering a retirement plan is crucial to attracting and retaining employees. Nearly 51% of employees joined their current company because of the...