As a plan administrator, changing the recordkeeper for your retirement plan is a significant decision that can have a lasting impact on your plan’s effectiveness, overall compliance, and employee satisfaction. While it’s necessary to regularly evaluate your plan and consider the best options for your participants, making a change will
Setting up a 401(k) plan for your small business is an important step that offers numerous benefits for both you and your employees, and it’s less complicated than you may think. Here are the basic steps and some considerations for creating a plan that works for you and your business.
As a California small business owner, you know that state mandates require you to provide your employees with the opportunity to save for their retirement. Your two primary options include either enrolling in CalSavers, the state-sponsored retirement program, or setting up your own 401(k) plan. While both have their merits,
Retirement plan administrators can benefit from staying informed about the details of retirement plan operations including regulatory changes that impact their plans. One significant change is the increase in the threshold for automatic cash-outs of small balances for terminated employees, moving from $5,000 to $7,000. Let’s first understand what involuntary
In the realm of retirement planning, the role of a 401(k) plan administrator is often underappreciated but fundamentally crucial. The administrator’s responsibilities involve a complex web of compliance, fiduciary duties, and participant support. Understanding the multifaceted role of a 401(k) plan administrator can help plan sponsors appreciate their indispensable contributions
In a bid to enhance retirement security for American workers, the SECURE 2.0 Act has introduced several significant changes to 401(k) plans, with auto-enrollment being one of the most notable. This new legislation builds on the foundations laid by the original SECURE Act of 2019, aiming to increase participation in