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Employers, it's time to step up your 401k communication game! Ensure your team understands the advantages of contributing to their 401k with easy-to-understand info and regular updates. Provide guidance, highlight incentives, and review your plans to stay competitive. 🚀 🔗 Check out our blog for detailed strategies! https://lnkd.in/ehmZFFt6 👍 Share this post to help other employers enhance their 401k communication plans!

We have come to learn the types of questions employees often ask employers about their 401(k) program. We’ll save you some time by providing you with both the questions and the answers in this blog post. #401k #employeeexperience #smb 4 Questions Your Employees Will Ask About Your New 401(K) and How to Answer - 401GO https://hubs.ly/Q02jf7Wn0

Annual 401(k) administration shouldn’t be stressful or time-consuming for employers. A qualified 401(k) provider will do most of the heavy lifting by completing the most technical tasks while making the employer’s role simple. 📅 We recommend employers use a checklist to ensure their 401(k) plan’s annual administration tasks are completed on time. Use our 2024 401(k) Annual Administration Checklist found in today's blog! It’s broken into three sections: 1. Deadline Tasks – Summarizes the tasks that must be completed by a specific date 2. Periodic Tasks – Summarizes the tasks that may need completed throughout the year 3. Plan Records – Summarizes the records to maintain for documentation purposes Read today's blog and download the checklist here: https://hubs.ly/Q029Gd1l0

🌐 Exciting News for Business Owners: Elevate Your Employee Benefits with 401(k)! As a proud member of the iSolved team, I'm passionate about helping businesses thrive, and today, let's dive into the game-changer – the 401(k) plan! 🚀 Why is it crucial for business owners to offer a 401(k)? Simple – it's a beacon for top talent. In today's competitive job market, potential employees are not just seeking a job; they're searching for a future. A robust 401(k) plan shouts, "We care about your financial well-being!" 💼 Let's transform the workplace dynamic! When employees feel valued, they perform at their best. A 401(k) plan isn't just an investment in their future; it's an investment in your company's success. 📈 Now, here's the million-dollar question: How can we make 401(k) work for you? As I embark on this journey to become the go-to 401(k) expert, I invite you to join the conversation. What challenges do you face in enhancing your employee benefits? Let's strategize together. 🔗 Together, let's build a community that thrives on knowledge-sharing. I'm here to be your guide in the exciting realm of 401(k) planning. Drop your thoughts below, and let's make your business the best place to work! 💼💪 #EmployeeBenefits #401kExpert #iSolvedSuccess

If you’re an owner/operator, the solo 401(k) might be one of the best ways to prepare for retirement by combining tax savings and high contribution amounts.

Did you know that you can sponsor a 401(k) plan even if you're the only employee (owner)? Yes, yes you can do that. They're called "Solo(k)s," the name coming from Single or Solo 401(k) Plans. Owners can sponsor one of these to not only put in employee deferrals (from their pay), but also employer contributions (like a match or profit-sharing). It's a better alternative to an IRA or even a SEP IRA. Did you also know that if you have part-time employees working for you, you may have to allow them to participate in your 401(k) plan? They can put in their own contributions if they meet what is called the "Long-Term/Part-Time" (LT/PT) criteria. So, even if you set eligibility to your "Solo(k)" to the most restrictive (1-year and 1,000 hours, etc.), they will still have a chance to put in their contributions from their pay. FYI - LT/PT eligible employees will need to be included in your Solo(k) Plan starting 1/1/2024. Thank you Robert Richter for your article (in the comments)! It's a nice little reminder (especially this time of the year). #401k #401go #solok #smallbusiness #ltpt

Should you frontload your 401k? Probably not. Every year you get a basket that can hold 104 apples and your employer generously makes a deal with you. For every 4 apples you put in your basket, they'll put 2 apples in another basket that you'll get at the end of the year. But they'll only match 2 at a time. So if you save 4 apples over 26 pay periods, you'll have the 104 apples that you saved PLUS the 52 apples that your employer matched. But if you add 104 apples to your basket in your first pay period, you'll only get 2 apples from your employer. That means you missed out on 50 FREE apples. That's how some 401k's work (like Amazon). You have to max out your 401k ($23,00 for 2023) evenly throughout the year to get the full match. Other 401k's do a true-up at the end of the year. So if you save 104 apples in January, you'll get 2 apples in January and 50 apples at the end of the year. But that means those 50 apples weren't making more apples throughout the rest of the year. You will have missed out on those investment returns. So while I applaud your initiative to max out your 401k ASAP every year, you're likely better off saving evenly throughout the year and putting any money you have left over each pay period into your long-term brokerage account.

As the year draws to a close, it's crucial for employers offering 401(k) plans to ensure compliance with year-end regulations. Failure to do so can result in hefty fines and penalties, putting your company and employees at risk. Here are some key tasks to ensure year-end compliance for your 401(k) plan: ✅ Verify plan provisions are up-to-date with current IRS regulations and legal requirements. ✅ Make necessary amendments for changes in plan design or employee demographics. ✅ Ensure timely contributions (including employer match and employee deferrals) are made based on plan terms. ✅ Perform ADP and ACP testing to ensure employee contributions and employer matching contributions are not discriminatory towards highly compensated employees. ✅ Provide employees with year-end account statements and notices regarding plan changes or updates. ✅ Consult with an experienced 401(k) plan advisor or attorney to ensure compliance and navigate any complex regulations. Together, we can help you navigate year-end compliance and ensure your 401(k) plan is on track for a successful year ahead! #401kcompliance #planadministration

One of the common threads of a mobile workforce is that many individuals who leave their job are faced with a decision about what to do with their 401(k) account.(1) Individuals have four choices with the 401(k) account they accrued at a previous employer.(2) You may choose to do nothing and leave your account in your previous employer’s 401(k) plan. However, if your account balance is under a certain amount, be aware that your ex-employer may elect to distribute the funds to you. Click below to read more! https://lnkd.in/ey-pU9jF

Should you frontload your 401k? Probably not. Every year you get a basket that can hold 104 apples and your employer generously makes a deal with you. For every 4 apples you put in your basket, they'll put 2 apples in another basket that you'll get at the end of the year. But they'll only match 2 at a time. So if you save 4 apples over 26 pay periods, you'll have the 104 apples that you saved PLUS the 52 apples that your employer matched. But if you add 104 apples to your basket in your first pay period, you'll only get 2 apples from your employer. That means you missed out on 50 FREE apples. That's how some 401k's work (like Amazon). You have to max out your 401k ($23,00 for 2023) evenly throughout the year to get the full match. Other 401k's do a true-up at the end of the year. So if you save 104 apples in January, you'll get 2 apples in January and 50 apples at the end of the year. But that means those 50 apples weren't making more apples throughout the rest of the year. You will have missed out on those investment returns. So while I applaud your initiative to max out your 401k ASAP every year, you're likely better off saving evenly throughout the year and putting any money you have left over each pay period into your long-term brokerage account.