For the millions of business owners that offer a workplace retirement plan, the COVID-19 pandemic created many financial difficulties. However, as the economic climate improves, there is an opportunity for employers to refresh their company’s retirement plan. With an important plan document restatement deadline happening in 2022, there’s never been a better time for employers to reevaluate their current plan design and, if necessary, add or update features that align with the
Help your employees save with a plan that fits your unique organization! Each type of retirement plan comes with its own set of features and tax advantage strategies for employees and employers. Knowing the different types of workplace retirement plans available is important so you can choose the best one for your organization. There are not only a number to choose from, but many of the plans offer different plan options to consider.
Just ask anyone: Uncle Sam and the retirement industry love acronyms. Another was added in December 2020—PEP—which conveniently rhymes with MEP and SEP. The three plan types are 401(k) cousins meaning they share many fundamental similarities, and their main differences relate to the administrative models they use. If you don’t speak fluent tax code or understand complex legal jargon, you are in the right place! We’re going to break down a few of the 401(k) abbreviations yo