As the current year draws to a close, plan sponsors overseeing 401(k) plans have several essential tasks to complete to ensure a smooth transition from the old plan year to the new one. This guide provides insights into what you
A safe harbor 401(k) plan is a retirement savings plan that has advantages for both employers and employees. Here’s why it’s a good choice: Easy Compliance: Safe harbor plans help employers by automatically passing certain annual tests. These tests, like
Compliance testing is a crucial annual responsibility for 401(k) plan sponsors, mandated by the Internal Revenue Service (IRS). It ensures that a company’s 401(k) plan remains equitable, not favoring owners and highly compensated employees (HCEs), and stays within IRS-prescribed limits.
At InSight, we encourage profit sharing as a valuable option within a 401(k) plan, allowing employers to make pre-tax contributions to their employees’ retirement accounts at the end of the year. Contrary to its name, profit sharing doesn’t necessitate that
A Self-Directed IRA (SDIRA) is very similar to a traditional IRA but gives you more ways to diversify your investments and retirement savings and can include using Private Placements. The SDIRA gives you greater control and flexibility by investing in
