For the right employer, a “combo plan” can create a powerful opportunity to increase deductible contributions and accelerate retirement savings. What is a Combo Plan? A combo plan generally combines a defined contribution plan and a defined benefit plan for the same employer or controlled group. A common combo design pairs a safe harbor 401(k)… [keep reading…]
Tag: Section 415
Contribution Timeliness: Why Advisors Should Care
In retirement plan administration, contribution timeliness is foundational work that protects participant savings and shields sponsors from liability. Contribution timeliness is important for both employee deferrals and employer contributions, including matching and nonelective contributions. The Rules at a Glance Employee Elective Deferrals and Loan Repayments. Elective deferrals and loan repayments become plan assets on the… [keep reading…]