Tips For The Retirement Plan Sponsor

on September 18, 2018 Comments Off on Tips For The Retirement Plan Sponsor

Congratulations, you’ve made the leap and now are offering a retirement package to your employees! As a business owner, you ultimately have a fiduciary responsibility when it comes of offering a retirement plan for your employees. Whether or not you are the retirement plan sponsor or you have a third-party, here are some tips from the IRS to make sure you’re plan stays in compliance:

  • Your document must be written to comply with all requirements with the Internal Revenue Code.
  • Your plan must be administered to follow its terms in operation.
  • You must review your plan annually to make sure its operation in the terms and laws.

If you select the option of pre-approved plans, you must make sure you double-check the options in your adoption agreement as well as knowing what your service agreement does and does not cover. It is also your responsibility to keep up with your plan’s ongoing maintenance responsibilities.

To read more from the IRS, click here.

These are just a few tips to help you get started. We know, of course, that all this can be a lot for you at the beginning. We’re happy to sit down with you and help you create a plan to manage your company’s retirement plan well. Don’t go it alone. Let’s talk!


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