Viewpoints about Small business retirement plans
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What’s in SECURE 2.0 for small businesses? A lot
SECURE 2.0 just made it easier for small businesses to add a retirement plan. We’ve broken out the key provisions small business owners and their advisors should get to know if they’re considering adding this highly valued benefit.
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Solve a retirement plan problem to win over prospects
Growing your financial advisory business requires finding qualified prospects. To turn prospects into clients, try to find a catalyst—a solution to a problem they’re experiencing. Learn how to identify deficiencies in a retirement plan, turn them into strengths, and showcase your value.
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What SECURE Act 2.0 could mean for 401(k) plans
Earlier this year, the SECURE Act 2.0 moved one step closer to becoming law. Plan sponsors and retirement plan professionals should start planning now for the system and procedural changes that could be needed as soon as January 1, 2023.
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What employee classification means for your 401(k) testing
Your 401(k) plan and an individual’s working relationship with your business are interconnected. Learn how employee classifications can affect how you manage your plan.
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The basics of the 401(k) coverage test
The 401(k) coverage test is one of the nondiscrimination tests plan sponsors must perform each year to keep their plan compliant. Find out what’s involved in completing this test.
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What happens when there’s a mistake in your 401(k) plan? Overview of the IRS correction program
Correcting plan errors as soon as they’re discovered can help avoid costly sanctions and negative tax consequences. Learn about the IRS correction program and key steps for fixing plan errors.
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A guide to 408(b)(2) fee disclosures for retirement plan sponsors
ERISA Section 408(b)(2) stipulates that covered service providers must disclose information about their services and fees in writing to the plan’s fiduciaries. And as a fiduciary, you must evaluate the disclosures and determine whether the cost of services provided by the plan’s CSPs is reasonable.
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Group annuity or trust company—which is better for a 401(k) plan to make investments available?
Retirement plans, such as 401(k) plans, offer participants the opportunity to save and invest for their future. To protect participant assets and enable them to be invested, plan sponsors must hire a provider that can recordkeep the plan and also hold the plan’s assets and provide access to investments. The two types of entities through which recordkeepers do this are generally insurance companies and trust companies. It’s helpful to understand both arrangements and the terms involved.
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What’s your ERISA duty with qualified retirement plan documents?
Failing to update your plan document for new laws, like the SECURE Act and CARES Act, jeopardizes your plan. Stay compliant. Learn the basics about documents and amendments.
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Six myths about retirement plans for small businesses—debunked!
We debunk the myths that keep many small business owners from offering a retirement plan.
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