Offering a 401(k) plan makes your business much more attractive to employees. That’s a fact. But so many myths surround the requirements, cost, and difficulty of implementing and maintaining a plan that many small businesses fail even to investigate their options, let alone put a plan in place.
We take the mystery out of 401(k) plans, helping to connect your business with a plan that fits for even the smallest business. We can also manage your plan for you, ensuring that you reduce your fiduciary risks and keep you safe from litigation.
When you join our multiple employer plan, you hand over the lion’s share of administrative and fiduciary responsibility to us. We do all this and a lot more:
- Design plan document and maintain qualified status
- Appoint and monitor all other plan fiduciaries
- Produce and maintain an Investment Policy Statement (IPS)
- Select investment platform meeting ERISA “Prudent Person” standards
- Monitor status of all investment options and remove or replace as appropriate
- Determine participant eligibility
- Send out enrollment packets including Summary Plan Description (SPD), 404(c) Compliance Information, Qualified Default Investment Alternative (QDIA), and Explanation of Expenses
- Audit, reconcile and submit 401(k) file to TPA each pay period
- Address specific participant requests and/or instructions in compliance with 404(c)
- Administer participant loans in compliance with statutory requirements
- Send out Participant Termination Packets
- Administer distribution and rollover requests
- Administer hardship withdrawals in compliance with the Hardship Rules, included in new provisions of PPA of 2006
- Submit year end census data to TPA
- Review and validate compliance testing
- Provide for annual audit of the plan
- Oversee and manage process, in conjunction with TPA, for annual filing of Form 5500
- Send out required Year End Notices to participants
Contact an Axiom professional today to find out how easy it can be to bring a 401(k) into your benefits package.