Understand your 401(k) processes and avoid losing your plan’s tax-qualified status
You take pride in going the extra mile to help your employees with their retirement planning by setting up your group as the 401(k) plan sponsor. You figure, “What’s a little extra paperwork, administrative fees, and contribution matching to help make my workplace more attractive and enjoy a little tax edge, to boot?”
Hold on, there! Despite all the work that goes into setting up a 401(k) plan, what many trustees don’t know is just how little it takes to lose your plan’s tax-qualified status.