As discussed, a safe harbor 401(k) plan allows the company to bypass the expenses and complexity of non-compliance tests if the company follows the rules above. If the company’s plan has failed compliance testing in a prior year, it might be a good candidate for a safe harbor provision...
The only downside is that, well, changing deferrals may mean more work for you. If you’re drowning in deferral change requests, or any of the other burdensome work of 401(k) administration, ForUsAll can help! Our automated 401(k) administration & compliance solution synchronizes your ...
One of the simplified features is that SIMPLE 401(k) plans do not require nondiscrimination and top-heavy testing to ensure that the plan operates in compliance with IRS rules. Such testing must generally be done by professionals and can be quite costly. Although withdrawals before the age of...
Answer: A Third Party Administrator (or TPA) is an organization that is hired by the 401k plan sponsor (your employer usually) to run many day-to-day aspects of your retirement plans. These include, but are not limited to, amending and restating plan documents; preparing employer and employ...
How Paycor Helps Ensure 401(k) Compliance 401(k) management is a huge administrative burden. While this benefit is a major draw for talented team members, the necessary recordkeeping can be a struggle for employers. From tracking payroll data to following new federal regulations, it can hard ...
One of the simplified features is that SIMPLE 401(k) plans do not requirenondiscriminationand top-heavy testing to ensure that the plan operates in compliance with IRS rules. Such testing must generally be done by professionals and can be quite costly. ...