Blogs

While your 401(k) plan may not have a chirping reminder, regular reviews, fee benchmarking, and a prudent process are key.  Just as we routinely replace the batteries in our smoke detectors, it’s equally crucial to give your company’s 401(k) plan the attention it deserves.  Often, retirement plans are treated like

A well-organized fiduciary file and comprehensive process can help you meet your fiduciary duties. Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2024/01/Social-Card-Whats-In-Your-Fiduciary-File.pdf

Unlocking Tax Relief and Employee Appreciation: The Power of Profit Sharing  Profit sharing is not just a tool to reduce your company’s tax liability; it is also a powerful means of expressing gratitude towards your employees.  As we close the books on last year, employers often find themselves looking for

https://yoursummit.com/wp-content/uploads/2023/10/Plan_Sponsor_Guide-Annual_Retirement_Plan_Questionnaire.pdf This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.  ©401(k) Marketing, LLC.  All rights reserved. Proprietary and

Managing a 401(k) plan can leave even the most seasoned administrators feeling overwhelmed. With proper support, you can simplify the complex task of retirement plan management.  Top 401(k) Plan Headaches   The first step is to understand the potential problems. Here are some common issues that can cause headaches for plan

As the end of 2023 draws near, those responsible for their company 401(k) plan have much to consider.   With a combination of standard annual tasks and new SECURE Act provisions on your plate, we are here to help you.  This article is a helpful guide for wrapping up 2023 smoothly!

For business owners, striking a balance between operating costs and profit is the cornerstone of success.   Operating costs include everyday expenses like salaries, rent and supplies. Profit, on the other hand, is what remains after all these operating costs have been paid. It’s the reward for the risks taken and

The end of the year is fastapproaching; that means 401(k) plan sponsors have their work cut out for them. Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2023/10/Social_Card-5_Year-End_401_k_Tasks.pdf

Employers are adding holistic benefits and introducing programs designed to improve employee satisfaction. Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2023/07/Plan-Sponsor-Guide-Employee-Total-Rewards-Program.pdf

High employee turnover could lead to a rise in small 401(k) accounts. Explore how adding a Safe Harbor IRA provision to your plan may help reduce plan costs and potential fiduciary risks.  In 2022, more than 50 million Americans left their jobs and in the last two years, there has

People who work with a financial advisor report lower levels of financial anxiety and higher levels of happiness. Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2023/07/Social-Card-Building-Financial-Confidence.pdf

With thoughtful design features, you can structure a 401(k) plan that stands out in a time of talent scarcity and meets your employees’ needs.  Looking to attract and retain high-quality talent in today’s competitive labor market? Enhancing your 401(k) plan design could be the answer.   It could increase your employees’

Required for 2024  Luckily, the required changes for 2024 are minimal.   Requirement Summary  Long-term, part-time employees become eligible to participate in the 401(k) plan.  Catch-up contributions are required to be Roth if the participant earns more than $145,000 in W-2 compensation.  Long-term, Part-time Employees  As part of SECURE 1.0, there