Did you know that financial education could help save up to $2,000 per employee annually through increased productivity, reduced health care costs, and better utilization of employee benefits; and research and analysis indicates a 3:1 return on employer investment in education? *
In the past, all employees covered by a single plan were required to be considered in the same group for purposes of 401(k) anti-discrimination testing. The rule change now permits employees to be classified in two or more groups for this purpose if certain conditions and nondiscrimination tests are met.
In recent months, several small to mid-sized businesses have asked if we could do a one-time review of their 401k plan. The answer is a resounding, Yes!
Anyone with the appropriate securities license and contact with a 401k provider can “sell” a 401k plan, but that does not make them a 401k specialist.
What is the point of your 401k plan? No, this is not a trick question, just a reality check. Often a 401k plan is one of those things a business must have to compete for employees, to fit in, to meet employee expectations. Sometimes we forget that the real purpose of a 401k program is to provide a way for employees to retire someday.
Qualified plans, such as a 401(k) plan, offer excellent benefits for small business owners. These plans can provide a multitude of tax advantages that combine to deliver far more tax leverage than most people may imagine.
We get it. As a business owner, you work hard to grow your company and do not need another thing on your plate. Yet, the reality is your 401k could become a liability instead of an asset if not properly managed.
Instead of locked in their office evaluating funds or simply selling you a plan and walking away; the next generation 401k advisor helps you manage the plan, emphasizes retirement education and seeks retirement readiness for your employees.
In 2015, we introduced a Multiple Employer 401k, powered by Pentegra, that bundles 3(38) and 3(16) services into the core package. By joining forces with other plans, you can gain access to fiduciary outsourcing, institutional share classes and other “large” plan features at an affordable price point.
401k Plan Sponsors have a fiduciary duty to manage their 401k for the benefit of their employees. Most employers want to do it right, yet in 2016 alone the Employee Benefits Security Administration closed 2,002 civil investigations resulting in 1,356 monetary outcomes totaling more than $777.5 million.*
Six8 created our Multiple Employer 401k, powered by Pentegra, to provide large plan benefits in a small -company package.
Your 401k plan advisor is a key service provider to your plan. A modern 401k specialist will not only help you manage the plan, but will take an active role in participant education and even one-on-one advice.
“I want to save more toward retirement, but I can’t”. We hear this a lot from owners and executives in small to mid-sized businesses.
Multiple Employer Plans (MEPs) are one of the most cost effective and efficient ways to sponsor a retirement plan. MEPs offer economies of scale that make it affordable for employers to outsource the plan’s principal fiduciary roles and simplify and streamline plan administration
A well-designed 401(k) plan can help attract, retain and reward talented employees. Many small businesses have a strong desire to offer a 401(k) or other retirement plan but face considerable hurdles in terms of cost, expertise and dedicating the necessary time to properly run the plan. Multiple Employer Plans (“MEPs”)eliminate these hurdles.
We are proud to introduce a new service for 401k plan sponsors. Our 401k check-up is a one-time consulting engagement designed to help you identify issues and opportunities within your 401k plan.
Most employers overlook many of the following duties of retirement plan fiduciaries. More often than not, these are examples that result from ignorance more so than willful disobedience, combined with a mistaken belief that third-party administrators (TPAs) are handling everything for them
Employer Responsibilities Under a Traditional Single Employer Plan Employer versus Responsibilities Under a Multiple Employer Plan (MEP)
While many assume the greatest source of retirement plan liability is the plan’s investments, in reality the vast majority of lawsuits and regulatory actions involve failures in administration.
Today, Pentegra and Six8 Advisors marked the anniversary of the Six8 Multiple Employer Plan (MEP), celebrating the success of a program that has now doubled in both size and scope.