Understanding Common Retirement Plan Notices

There are various documents and disclosures that companies must provide participants of 401(k) plans. Sometimes, the information given to participants can be slightly overwhelming, but there is essential information they need to know and many of the documents given are required. Some of the notices employers must provide employees with include:

401(k) Plan Basics

A 401(k) is a retirement plan that deducts employee contributions directly from their payroll to their retirement account. Often the 401(k) will include both traditional and Roth options. People confuse 401(k) plans with other retirement plans or accounts. There are some characteristics make 401(k)s a unique and powerful employee benefit.

What is a Safe Harbor 401(k)

Is your 401(k) plan a safe harbor plan or not? There are pros and cons to having a safe harbor plan. One of the most significant benefits of safe harbor plans is automatically passing some compliance testing requirements.