401(k)

One of the most popular employee benefits today is a 401(k) plan.  With very little cost, you can provide a state of the art plan with features such as a wide array of investment choices, phone and internet access to accounts and a complete employee investment education program.

Key Benefits

  • Allows employees to save for retirement on a tax favored basis with the convenience of payroll reduction.
  • Optional employer matching contributions provide the incentive for employees to share the responsibility for financial security.
  • Vesting of employer contributions creates an incentive for employees to remain with the employer and thus reduce the cost of turnover.

Capabilities

Plan Design
We review each plan provision to help the client understand the options available and the implications of each. We assist in the selection of an investment package taking into consideration such factors as fund performance, diversity of options, quality of employee education and communication materials and the investment company's track record for service. By servicing over 500 plans, BCG has first hand experience with most investment packages used in the 401(k) market. We are familiar with the intricacies of the various funding options and the funding company's ability to deliver promised features.
Implementation
We prepare the plan document, Summary Plan Description, specimen Board Of Directors Resolution adopting the plan, loan policy, and QDRO procedure. We obtain a determination letter from the IRS approving the plan. We prepare enrollment materials and conduct enrollment meetings to introduce the plan to the employees. We also provide forms for employees to make various elections and designations.
Ongoing Administration
The ongoing administration of the plan includes trust accounting, eligibility determination, discrimination testing, Summary Annual Report, Top Heavy determination, application of all contribution and deduction limits, preparation of the IRS form 5500 filing and coordination with auditors. We continually monitor the operation of the plan to insure that it continues to maintain its qualified status even when the requirements change.