If you or your organization sponsors a SEP/Simple IRA, 401(k) or 403(b) Plan there are 3 things you should do before the close of the calendar year.
1) Make enhancements to your retirement plan.
Want to know what kind of retirement plan and options your competitors and industry peers are offering to their employees? Do you want to know how competitive your company retirement plan is? Request a free Industry Benchmark Report by emailing email@example.com. After reviewing your industry benchmark report, you may decide to make changes to your retirement plan. Most changes and enhancements must be made to a retirement plan, by a formal amendment, on or before December 31st.
2) Request a tax reduction & retirement savings feasibility study.
If you want to know how to increase your personal and company tax deductions, or get more contributions into your own retirement savings, there are steps you can take. Start by requesting a Feasibility Study and Contribution Analysis from your Third Party Administrator.
3) Review 408(b)(2) Service & Cost Disclosure(s).
Make sure you have a 408(b)(2) Service & Cost Disclosure from each service provider to your retirement plan, including your Recordkeeping (e.g. Investment platform), your Third Party Administrator (compliance, Form 5500) and your Investment Advisor. If you do not have this important disclosure, required by the Department of Labor, request a copy from your service provider(s).
If you have any further questions regarding company-sponsored retirement plans, feel free to reach out to us. We’d be more than happy to answer your questions.