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What are your goals for the plan? How does leadership want the plan to work for the business owners and employees?
How does your plan stack up in the current employer retirement plan environment? Have you kept up with your fiduciary duty to the plan by ensuring that it’s staying current?
What are your service providers' fees? How much do your funds cost? Are your fees reasonable?
When was the last time you put plan services out to bid? Did you know the DOL requires this on a regular basis?
Does your plan have a Roth option? A safe harbor provision? Do you want to max out your contributions while staying compliant?
How are your funds performing? Are they meeting benchmarks? Do you have the right mix of active and passive funds?
Does your advisor provide employee education meetings? Can you get a hold of your advisor when you have questions?
Do you have an expert on your side to guide you through plan management and administration?
Does your advisor share fiduciary responsibility for the plan, or are you shouldering all of that yourself?
A 401(k) is a retirement plan that allows employees to contribute a portion of their wages to individual investment accounts, either before tax or (if there is a Roth option) after tax. 401(k) plans can be designed to allow for matching contributions from employers and profit-sharing provisions, and are among the most common employer retirement plans.
A SIMPLE IRA plan allows employees and employers to contribute to IRAs for employees. SIMPLEs are great start-up retirement plans for many smaller employers, due to the ease of administration.
A 403(b) is a retirement plan offered to employees of private/public schools and certain tax-exempt organizations. Like a 401(k), employees can make contributions from their paycheck either before or after tax, depending on the plan design. Contributions go into an investment account, with the employee choosing the investments from the options provided by the plan.
A 457(b) plan is a deferred-compensation retirement plan that is available for governmental and certain non-governmental employers. Typically, employees defer compensation on a pre-tax basis. Similar to a 401(k) and a 403(b), a 457(b) mostly differs in that it is a “non-qualified,” and thus not subject to ERISA rules.
Optimize Your Retirement Plan for Participant Success
SIMPLE IRA or Simply a 401(k)?
The SECURE Act 2.0
Common Retirement Plans for Small Businesses: 2023
How to Prepare Your 401(k) Plan for Secure 2.0 Changes?
Adding a Safe Harbor to Your 401(k) Plan
Strategies to Help You Get the Most Out of Your 401(k) Plan
Time to Review Your Company's Retirement Plan
Maine Retirement Savings Program: Details & Deadlines for Employers