Employer 401k Services in Los AngEles
Whether you’re looking for assistance in overseeing your current 401k plan or implementing a
new 401k plan, our team offers the attention and resources to guide you through every step. We
specialize in helping organizations in Los Angeles with their 401k plans.
Give your company an advantage in a competitive market
Most employers provide retirement plans to their employees, which means that to stay competitive, you may
also want to offer a 401(k) plan. Many also offer an employer match on a portion of their employees
401(k) contributions. With a 401(k) plan that offers matching, you may be able to attract better
and retain top talent.
Employer matching can be used to reward your employees - Matching your employee's
contributions can be an incentive for your employees for their excellent performance and loyalty. It
will be a way to get them motivated and promote employee retention.
Matching contributions allows employers to budget their contributions based on their fiscal performance -
With matching optional, employers can match employee
contributions based on business profitability. Additionally, this can also be motivating for
employees because their additional contributions will be dependent on their performance.
Tax Benefits For Your Business
Tell me the difference between 401(k) fiduciary roles
A 401k plan has three types of fiduciaries: ERISA3(16) Plan administrators - Plan fiduciaries
specializing in plan administration such as distributions, eligibility, and notification. A
sponsor is responsible if a plan administrator cannot take over fiduciary responsibility.
Hiring 3 (16) plan administrators can assist with compensating for some of the tasks which many
sponsors find challenging. An investment advisor is an advisor to the sponsors of the plans and is
responsible for selecting the investments in the plan’s portfolio.
Offering your employees a 401(k) can help your company save money on taxes. You may be
able to deduct your employer contributions to 401(k)s. If you are a small business owner, you
may even qualify for a tax credit for the first few years to help offset administrative fees. A 401(k) may also offer tax savings to your employees.
There are a variety of tax deductions and credits Los Angeles businesses can take advantage of
when starting up a 401(k) plan for their practice. If your business hasn’t had any type of
retirement plan for at least three years, or you are starting a 401(k) plan for the first time, your
business may be eligible to receive a tax credit that covers up to 50 percent of the startup and
administrative costs, up to $5,000 per year, for the plan’s first three years.
Managing a 401(k) Plan
Overseeing a 401k plan for employees is often a heavy administrative burden for most
employers. If an employer were to set up a project independently, they must be responsible for
quarterly and annual reporting to employees and the federal government. Plan administration is
essential, and all employees must receive proper notice during yearly training.
More often than not, employers don’t want to handle these tasks on their own and instead feel
more comfortable outsourcing the plan administration to a trusted financial institution.