ForUsAll, a 401(k) adviser for small- and mid-sized businesses, has launched the Safe Harbor Plan Resource Center to help employers understand the ins and outs of safe harbor 401(k) plans.
Available for free, employers will find a “Safe Harbor 101” handbook that explains when a safe harbor 401(k) is needed and how they function, as well as a Safe Harbor Cost Calculator to help estimate costs of implementing this typically costly plan.
The Safe Harbor 401(k) Resource Center provides:
- Safe Harbor 401(k) Cost Calculator – Find the estimated cost for a safe harbor plan based on number of employees, average salary, and employee participation rate;
- Tips on Boosting Enrollment – The best way to avoid needing a safe harbor 401(k) plan is to ensure that employees at all levels are participating in the company’s standard 401(k) plan;
- Safe Harbor 101 Handbook – A helpful, easy to read guide that walks employers through the pros and cons of safe harbor, explores lower-cost options, and more; and
- Internal Revenue Service (IRS) Test Basics – Learn how IRS top heavy testing works, and how ForUsAll helps employers avoid non-compliance.
“As an independent 401(k) adviser and fiduciary, we work hard to help our clients achieve high participation rates and avoid having to offer a safe harbor plan,” says David Ramirez, ForUsAll’s chief investment officer. “We are offering this safe harbor resource center knowing that plan sponsors have questions about their existing plans, but aren’t getting straight answers about safe harbor costs and implications from their current service providers. And we know, if their existing adviser is not helping them become compliant and still struggling to meet fiduciary requirements, we might be able to help.”
The Resource Center is here.