When was the last time you reviewed your retirement plan design? The BeneTrak team works with you to determine the appropriate plan design based upon your company’s goals and objectives.
Important points to consider when reviewing your plan:
- Stretching employer matching contributions – For employers who match employee contributions, this can be a beneficial method to increase deferral rates without increasing company expenses.
- Auto enrollment / auto deferral increase – This helps boost participation and deferral rates. A good communication strategy is key for the acceptance of automatic features.
- Adding Roth contributions – A no cost addition to a retirement plan that provides employees another option as they plan for retirement distributions.
- Who pays for administration fees? – More and more employers are utilizing the ability to pass fees on to plan participants in order to reduce expenses. The purchasing power of a retirement plan allows the passing of these fees to be minimal and can reduce the costs to the employer.
*source – Plan Sponsor Council of America’s 56th Annual Survey of Profit Sharing and 401(k) Plans. October 2013