401(k) Day serves as an annual reminder to focus on retirement savings. It’s a chance to review your plan, adjust your strategy, and ensure you’re on track for a secure retirement. Key Actions for 401(k) Day: 1. Check Your Contributions: Ensure your 401(k)...
Statistically around 80% of small business 401(k) plans opt for a safe harbor plan design. This choice helps them automatically meet the ADP/ACP tests and avoid nondiscrimination tests conducted by the IRS. Consequently, business owners and highly compensated...
Historically, employers faced restrictions when considering shifting from a SIMPLE IRA to a 401(k) plan mid-year. But thanks to the SECURE Act 2.0, 2024 brings good news – employers can now terminate a SIMPLE IRA and replace it with a safe harbor 401(k) plan at any...
Whether you're an advisor who's new to the 401(k) space, or you’ve been offering them for years, one thing is certain: knowing the complexities of a retirement plan shouldn’t be your primary focus, providing financial advice should. However, that doesn’t mean...