401(K) Plan

401(k) Administration to include:

Initial Plan Design and Setup
Eligibility & Enrollment
Process contributions (Adjustment/Allocation/Fund Transfer)
Disbursement (Hardship/ Loan/Termination)
Record Keeping
Audits
Forms 5500 Filings
Non Discrimination Testing
Annual Statements
Annual Reports
Summary Plan Descriptions and Amendments
IRS and DOL Compliance

Our non-exclusive relationship with investment companies around the country and systems flexibility, allows us to customize your service needs to mirror your objectives.

Plan Definition:

A 401(k) is a type of qualified profit-sharing plan, which allows eligible employees of an employer to set aside a portion of their current taxable pay to a tax-sheltered retirement fund. The plan is funded by the contributions made by the employee and, in some cases, the employer. The advantages of participating in a 401(k) plan are enormous. Here are some examples.

Money saved in a 401(k) Plan through payroll deductions is exempt from Federal income taxes. For example, if you earn $25,000 a year and decide to contribute $2,000 through payroll deductions, the federal income tax you pay would be calculated as if you only earned $23,000, thereby lowering your tax liability.
The money you save grows on a tax-deferred basis and you pay no taxes until you withdraw the money.
In most cases, your employer matches a portion of your 401(k) contributions, thereby increasing your retirement nest egg.
For employers, a 401(k) plan provides an excellent tool for recruiting and retaining valuable employees.

Offering a retirement plan can be one of the most challenging, yet rewarding decisions an employer can make. The employees, their beneficiaries, and the employer all benefit when a retirement plan is in place.

401(k) Plan

401(k) Administration to include:

Plan Definition:

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