Life, Inc. Blog
What Happens In A 401(k) Audit?
Yes, 401(k)s can be audited. But, before you race to your file cabinet to find your records, let us explain what this means and we'll dive into what happens in a 401(k) audit. Federal law requires that 401(k)s and other types of retirement plans to be audited. The...
How To Become An Absentee Owner
"Let’s be honest. If you’re a business owner, you’ve probably thought of how to become an absentee owner one day. The notion that your company cannot operate without you forces you to assume a few mundane tasks from each department, and you become the...
What Is A Forfeiture Account?
If you make contributions to your employee's 401k plan, you may have built up amounts called forfeitures. What is a forfeiture account? A forfeiture is the non-vested portion of an employee's account balance. For example, if an employee is 40% vested in your...
5 Unique and Creative Employee Benefits
For most people, landing a new job is not just about how much money they're going to make, but about the employee benefits they'll receive. According to research from Glassdoor, 57% of people said benefits and perks are among their top considerations before they...
Tax Credits for 401ks for Small Business Owners
A lot has changed in the last few months for small businesses, but one of the positive changes we've seen comes from the SECURE Act. Previously, employers who had implemented a 401(k) plan for their company received a flat $500 tax-credit, which wasn't enough of an...
Should You Establish A 4 Day Work-Week?
As employers, there are a lot of things on our minds consistently. How do we increase productivity? How do we retain our workers and keep them happy? How do we become more profitable? There’s been a trending topic that claims to address each of these issues, so we...
How Will COVID-19 Change The Owner/Employee Relationship?
The Covid-19 crisis is changing current employer to employee relationships dramatically. Forced business closings are resulting in unplanned employee layoffs. But many businesses remain open due to innovative methods of connecting with customers and employees. We all...
Do I Need a Financial Advisor for a 401K?
You might be wondering if you need a financial advisor for your 401(k). Many employers, especially small business owners, are hard at work managing their own business and working closely with their customers or clients. A financial advisor can help you tackle the...
Plan Trustee: What Do They Do and Why Are They so Critical?
Most people tend to think that because their employers contribute money that goes into their retirement plan that they play the most significant role. However, in order to ensure your plan's assets are managed adequately throughout your life, other essential functions...