The services you provide and products you create define how you hire people and what benefits you provide to your employees. Your retirement plan needs to be tailor-made to suit the demographic of the staff and key employees since a bad fit can result in unnecessary contributions or undue administrative practices.
We serve a broad range of clients from sole-proprietor real estate agents to restaurants with thousands of employees — one size certainly does not fit all.
If your company falls under one of these categories and you’re either on a bundled platform or simply haven’t checked your plan for suitability in a few years, give us a chance to help! With even approximate ages and salaries of your company demographic, we can provide free insight into the design options available to you with absolutely no commitment. You owe it to yourself, your employees, and the business owners to feel confident that the plan you have is the plan you need.
The safe harbor provision has boosted the retirement savings of hundreds of thousands of middle-class Americans. Its main purpose is to provide a mechanism for business owners to maximize their 401k each year no matter how their employees choose to participate. The trade-off is that employees that do participate must receive some form of employer contribution. Does your plan require safe harbor, thus the mandatory employee contributions? Maybe! Maybe not...
One of the plan design options that
The maximum contribution any American can push into a 401k profit sharing plan is $55,000 in 2018. If this is news to you, give us a call. Many people think the maximum is $18,500 but that limit is only applicable to salary deferrals and doesn’t take employer contributions into account! Yes, most of the time getting business owners a $55,000 contribution comes with some additional contributions to the rank-and-file but, depending on the industry and demographic, the share of the overall contribution to owners and targeted employees can be more than you think. It’s certainly worth the free exercise, don’t you think?!
401(k) plans include many provisions and it’s important that the plan is administered properly. When a company chooses to put a plan in place, it is depending on the document provider to explain what they’re getting themselves into.
Often times, misaligned provisions in an existing plan aren’t recognized until it’s reviewed by a qualified 401(k) third party administrator. There are other times when it’s not recognized until an employee needs certain type of distribution or a company is forced to make a contribution to someone they fired. Even worse, sometimes they are never recognized and the plan underperforms throughout its existence. Let Benefit Resources give you the peace of mind you deserve. Learn more from our retirement plan specialists.Read the Retirement Plan Design Guide