401(k) Advisory Services | Retirement CFO

401(k) Advisory Services for Corporations

Having a retirement plan for your company can be a daunting task, especially when there is so much to do in running a successful business. That's why having a 401(k) advisor is necessary to administer a retirement plan that enables your employees to attain their retirement dreams. As an employer, your organization has a fiduciary duty to its employees. This means you will need 401(k) advisory services for corporations to ensure your plan is administered appropriately while educating the participants.

<strong>Individuals and Families </strong>

At Retirement CFO, we have years of experience in retirement plan consulting and providing advisory management of 401(k) planning. We are dedicated to helping you and your employees benefit fully from their retirement plans. Our range of 401(k) retirement plan services include:

Helping in management of the fiduciary investment process
Assisting you in lowering fiduciary liability by implementing an investment policy statement
Discussing bold plan design techniques to ensure your plan maximizes the available benefits
Hosting robust employee education regarding plan options
Investment and fee benchmarking of your current plan against other similar plans and make recommendations for any changes to your 401(k) plan to improve service to your plan participants
Periodic review of your plan fees, services, and progress toward your goals and make appropriate recommendations
Ongoing support for your plan participants and offer retiring employee guidance resources

How 401(k) Plans Work

You may be asking, how do 401(k) plans work? Let's start by understanding what 401(k) is. A 401(k) is a retirement and investment plan that employers offer. The 401(k) plan account is funded by payroll deductions made before taxes are paid on balance. The contributions are invested either in bonds, stocks, or other assets. Many companies offer 401(k) plans as part of employees' benefits packages.

Employees sign up for automatic deductions from their paycheck, and the money goes to an individual account. Depending on the type of plan, the tax break can either come when you contribute the money or when withdrawing it in retirement. Unfortunately, not all employers offer 401(k) plans. However, you can still benefit from other retirement savings vehicles like individual retirement accounts (IRA).

Frequently Asked Questions

What Does an Advisor Do for a 401(k)

401(k) planning is complicated. The rules constantly change, and they can be hard to understand for you and your employees. 401(k) advisors help plan sponsors develop and maintain a plan that suits them. They also help employees make essential decisions regarding retirement savings. 401(k) retirement planning needs ongoing attention and can be overwhelming for many employers. As a result, they rely on 401(k) advisors to educate them and keep the plan running appropriately.

Is It a Good Idea To Rollover My 401(k) to My New Employer Plan?

A new job in a new company means a new employer and benefits — and probably a new 401(k) plan. But what happens to the 401(k) from your previous employer? The good news is that you can roll it over into 401(k) your new employer offers. A 401(k) rollover is when you move your old 401(k) into a new retirement plan or IRS. Rolling over your 401(k) makes it easier to track your retirement savings since you will have all your savings or investments in one account. It will help if you talk with our advisors at Retirement CFO to help you compare the features and investments of both 401(k) plans.

You can choose to have a Direct Rollover whereby your administrator transfers funds from your old plan into your new 401(k) without incurring penalties or taxes. You will work with your new plan administrator to select where to allocate your savings. If you choose an indirect rollover, the IRS will withhold 20% of your account balance as federal income tax and any other applicable taxes.

Can I Start a 401(k) for My LLC?

Small business owners have many retirement plans to choose from, depending on the organization's size. Yes, you can start a 401(k) plan for your LLC. A solo-401(k), also known as a self-employed 401(k), is a unique option for small-business owners who don't have any employees apart from a spouse. If your LCC has no full-time employees, a solo 401(k) can be the best option.

How Much Can I Contribute to a 401(k) for Small Business?

Small business 401(k) contribution rules are similar to individual 401(k). The total 401(k) contributions by both the employer and employee should not exceed $58,000 in 2021 or $61,000 in 2022. If the employee has reached age 50 or older, the catch-up contributions are $64,500 for 2021 and $67,500 in 2022. The total contributions should not exceed 100% of the employee's annual compensation.

Best 401(k) Advisory Services for Corporations

Developing 401(k) plans may not be an easy task for both employers and human resources personnel who have a lot to handle in a business. Also, they may not have adequate knowledge and exposure to the constantly changing investment world.

Avoid making poor investment decisions by working with an experienced 401(k) advisor to help employers make informed decisions. For the best 401(k) planning in New England, contact Retirement CFO . We provide retiring employee guidance resources and provide one-on-one guidance to employees.

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