Offering a 401(k) plan benefits employees and helps employers retain top talent, but costs–and serious risks–can add up fast! There’s a lot to consider: as a business owner, would it cost too much to start or keep your 401(k) plan running? Can your HR department handle all the regulations and changes to these plans? If your company is like most, your 401(k) is probably a function of your HR department–when it should be handled by your finance department!
In this legal webinar Jeff Atwell, Principal at TRG Fiduciary Services, and Christina Orta, President at Ascent Wealth Management, joins Jim Cunningham at CunninghamLegal to discuss major 401(k) questions for business owners.
In this legal webinar we’ll talk about:
- Record keeping fees
- Investment management & consulting fees
- Transaction fees
- ERISA bonds
We’ll also go into depth about different types of plans like:
- Profit sharing
- Profit sharing 401(k)
- Money purchase
- Defined benefit
- Cash balance
We’ll also clarify the risks and responsibilities involved in each (there are BIG fines and penalties for not compensating employees correctly, especially in California).
We’ll also talk about risk management components like:
- Fiduciary governance
- Investment oversight process
- Fiduciary insurance and bonds
- Service provider fees and services review
- Annual compliance assessment
- Record retention
- Participant communications
Employers take on huge risks when it comes to providing employees a 401(k). After all, they’re handling their retirement funds. That’s why you need a team to navigate pitfalls of your 401(k) plan! For more information, watch our legal webinar, “Business Owners: How to STOP OVERPAYING on 401(k) – Financial Tips”