Financial Insights that Make Cents
Through our partnership with Slavic401k, you have access to a wealth of resources and information to help you plan for your retirement.
Social security and personal savings is typically not enough to ensure your financial future. One way to build your retirement nest egg is by enrolling in and maximizing the benefits of your 401(k) plan.
Frequently Asked Questions
What is a net vs. gross distribution?
- Net is the amount of cash remaining after all taxes have been applied.
- Gross is the amount of cash before any taxes have been applied.
What are the requirements of a Safe Harbor plan?
- A matching contribution must equal at least 4% of compensation by using either: the basic formula or enhanced formula. Basic formula 100% of the first 3% of compensation plus 50% of the next 2% of compensation Or Enhanced formula 100% of the first 4% of compensation Elective contributions more than 6% cannot be matched. This does not mean that the match amount cannot exceed 6% of compensation only that deferrals more than 6% cannot be matched. So, a safe harbor matching contribution equal to 200% of 5% is allowed.
- A non‐elective contribution (profit sharing contribution) that equals at least 3% of the employee’s eligible compensation for the plan year. A contribution greater than 3% is allowed.
What is a Safe Harbor plan?
What documents do I need to set up a 401(k) plan for my business?
How do we add or remove an authorized contact?
How does the Amendment process work?
How do we make changes to our plan?
How does the merge out process work?