401 K Plans For Small Business

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For businesses that are ready to take the plunge, the IRS website covers the actions you need to take to get everything set up.

In the event you don’t speak tax code, here’s a more approachable look at what goes into setting up a 401(k) retirement plan.

When choosing a plan type, one of the biggest considerations is how you want to prepare for annual nondiscrimination testing that’s designed to make sure plans are just as accessible to entry-level employees — or those with lower compensation levels — as they are to executives.

Plans that require employers to make contributions to employees’ 401(k) accounts tend to have an easier time passing the tests, and may even be exempt from testing if they’re designed properly.

Plans that don’t require employer contributions cost your company less, but may be at risk of plan failure.

Here are three popular plan types, along with some pros and cons: There are very specific rules about how contributions are structured in these plans.

As you can imagine, building Guideline 401(k) put me through a 401(k) information boot camp.

In this post, I hope to provide Square sellers with the information they need to get started by outlining the first six steps you need to take.

This trustee is responsible for collecting the contributions, investing them, and issuing distributions.

It’s important to maintain a reliable accounting of plan activity.


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