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Defined Contribution

Defined contribution plans are appropriate for companies with one employee and for companies with thousands of employees. These companies share the goal of setting up a tax qualified defined contribution plan that will allow employees, including owners of the company, to make tax-deferred contributions from their gross income to a retirement plan established by the employer. Our services include, among others:
  • 401(k) Plan Documents
  • 401(k) Plan Administration
  • 401(k) Plan Compliance Testing
  • 401(k) Plan Consultation
  • 401(k) Plan Multi-fund Open Architecture Platform Daily Valuation and Recordkeeping
  • 401(k) Plan Form 5500
  • 401(k) Plan Design
Types of 401(k) Plans
 
An employer (employer) should consult with a third-party administrator to determine which type of 401(k) plan to install:
  • Traditional 401(k) (including Roth)
  • Safe Harbor 401(k)
  • Individual 401(k)
The Internal Revenue Code allows establishment of 401(k) plans. “401(k)” refers to the section of the Internal Revenue Code that allows an employee to make the tax-deferred contribution. The Department of Labor’s Employee Retirement Income Security Act of 1974 (ERISA) is the federal law that sets minimum standards for operating most voluntarily established tax qualified retirement plans to provide protection for individuals who participate in the plans.

ERISA law is continually changing to address issues related to protect employees. As it would be difficult for a layperson to not only monitor ERISA but to also amend their plan to comply with the law, employers should seek out the assistance of third-party administrators, such as Ascensus Consulting, to help ensure that their plan is operating properly and in a manner that provides the best available tax benefits and asset accumulation methods for all participants.

Contact us for more information.