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A Closer Look at Safe Harbor 401k Plans There are important benefits in providing your employees with a safe harbor 401k plan. Safe harbor 401k plans offer businesses certain advantages that traditional 401k plans do not. A safe harbor 401k plan is a low cost retirement plan that is perfect for small businesses. For a 401k plan to qualify as a safe harbor 401k plan, the employer must meet certain contribution requirements that end up benefitting both the employer and the employees. When your company offers a retirement benefit, your 401k plan will be tested to see if it meets industry requirements, which could incur fees if your plan does not meet these standards. Industry requirements test your company’s 401k plan through Top Heavy and ADP and ACP testing which may end up costing your company additional fees if your 401k plan is not up to industry standards. When you switch your company to a safe harbor 401k plan, however, you will actually avoid having to submit your 401k to these industry tests, which means that you will not be subject to possible fees as well. For this reason, small businesses all over the country are switching to safe harbor 401k plans by getting in touch with 3(38) investment managers who help them find and implement the best 401k plans available for their specific company needs. If you want to implement a safe harbor 401k plan, your employer contribution will have to fall within certain specific guidelines. The employer contribution for a safe harbor 401k is 100% of the first 3% of each participating employee’s contribution and then 50% of the next 3%. While it may be a larger contribution than your current 401K plan, saving yourself from having to submit to industry testing would make it worth the expense.
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If you would like to find a 401k plan that benefits your company as well as your employees, the first thing you should do is talk to a safe harbor 401k plan provider. If you are looking for the best safe harbor 401k plans available the first thing that you should do is find a 3(38) investment management services provider to help you figure out which 401k plan options would be most advantageous to your company. When you enlist the help of a 3(38) investment management service they will help you reduce the overall financial risk involved with your fiduciary planning.
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For more information about the benefits of 3(38) investment managers all you have to do is take a moment to visit the official website of a 401k plan provider in your area. To find out more about safe harbor 401k plans all you have to do is perform a search using your preferred search method for the best 401k plan providers or for a 3(38) investment management service in your area.