THE GREAT 8: Top Retirement Plan Resources to LOVE

You may have heard of the magnificent seven, but have you heard of the great eight? No? That’s because we made it up. It’s a thing now. These are the top 8 retirement plan resources our partners and clients find most useful. Get the scoop on why; we’re sharing! Let’s take a look.

3(16) Roles & Responsibilities Checklist

Why it’s great: This piece outlines the key responsibilities associated with sponsoring and administering a retirement plan and who is responsible for each task. The beauty? It shows all the tasks EGPS takes on when an employer utilizes our 3(16) services vs. when they do not. SPOILER ALERT: It’s a LARGE chunk of tasks.

Amber comments: We’ve all seen the 316 flavors of fiduciary (and sometimes not-so-fiduciary) services providers market as 3(16).  It’s almost impossible to know what to expect!  This checklist lets you know what employers can outsource to EGPS as a 3(16) provider.  It is also a great reference guide to take a deeper dive with your EGPS point of contact when deciding if 3(16) is right for you.

SEP vs. SIMPLE vs. 401(k) Comparison

Why it’s great: SIMPLE IRAs can be a good option for employers seeking lower deductions and less regulation but often a 401(k) can offer more flexibility. This piece includes a table that lays out the pros and cons of each plan type and key information to consider when deciding which option is best for an employer.

Amber comments: There’s so much confusion in the marketplace regarding the best type of plan for clients’ specific needs and goals. Therefore, it’s helpful to have a reference guide to help compare the features and options available in each.  This piece is among my top 3 most requested retirement plan resources.

Tax Credits from SECURE and SECURE 2.0

Why it’s great: “Beautiful are the feet of those who bring good news.” This quote sums up the reason this is one of the best retirement plan resources. Significant tax credits for small business owners who establish a new plan or add an automatic enrollment provision are available thanks to SECURE and SECURE 2.0. We talk about how sweet these tax credits are in this overview.

Amber comments: My CPA always tells me that a credit is better than a deduction!  So much has changed over the last few years when it comes to startup plan tax credits – I remember when they were hardly worth mentioning.  As 2023 returns are being prepared and new credits are available for the first year, I frequently receive questions regarding the available tax credits. This is a great breakdown of the changes enacted with both SECURE and SECURE 2.0.

Safe Harbor 401(k) Plans

Why it’s great: As long as nondiscrimination testing exists, safe harbor plans will exist as a fantastic solution for business owners. AND, information on safe harbor plans and how they work will be needed. Enter scene: this piece.  

Amber comments: Deciding which safe harbor option is right for your plan isn’t always easy, especially with the new popularity in QACA arrangements.  This piece can help you navigate the available formulas and why one might work better than the others for your specific situation.

SECURE 2.0 Overview

Why it’s great: We get it. If taking a shot every time you heard SECURE 2.0 the past year was a drinking game, we’d all be drunk. Yet, this piece of legislation contains a plethora of critical details. So instead of reading every article on the topic, check out our overview of the most important (we think) provisions.

Amber comments: SECURE 2.0 brought about more change than I have seen in my career. There is so much to unpack and although there are so many provisions that will require further guidance, knowing what is in the legislation can help you navigate questions.

Plan Design Alternatives

Why it’s great: Retirement plan options abound when it comes to plan types and design. This piece showcases the various contribution level options associated with different plans, helping sort through the various options with a handy table for both defined benefit and defined contribution plans.

Amber comments: We don’t expect you to know all about plans – that’s why you have EGPS!  A quick comparison is always helpful to have within reach.

Does Your State Know Best?

Why it’s great: With mandatory state-sponsored retirement programs popping up like daisies in the U.S., it’s important to share the news and the options with business owners.  This piece looks at why these programs might not be the best fit for many, while sponsoring their own plan could be.

Cash Balance Overview

Why it’s great: Cash balance plans are extremely popular, and for good reason. They allow employers to save significantly more than a traditional 401(k) plan and increase tax benefits, as well. This piece provides an overview of these plans and critical details!

Amber comments: Two words: cheat sheet.  This piece is fantastic for helping you quickly identify the possible cash balance pay credit an individual could receive based on their age and compensation.

Want even more great resources or interested in setting up a plan with us? Fill out the form below and we’ll reach out with more information!

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