401(k) Plans: Compliance, Regulations, and Education
What You Will Learn
- The importance of receiving education about your plan from your 401(k) provider [0:11]
- Why you should be receiving fiduciary services from your 401(k) provider [0:45]
- The need to benchmark your 401(k) plan for costs [1:22]
- The significance of considering commissions and fees in your 401(k) plans [1:46]
Most healthcare companies don't have the time or expertise to determine whether they have compliant 401(k) plans. However, there are some basic principles to consider.
First, your 401(k) provider should provide education on your 401(k) plan every year. If they don't, you may be running afoul of the law. HR for Health offers a compliant 401(k) plan option and help along the way to ensure that this is effectively integrated into your operations.
Second, you should be utilizing fiduciary services for your 401(k) plan. By law, a fiduciary must keep your best interests in mind. HR for Health will provide that, giving you the peace of mind you deserve.
Third, you need to consider how much you're spending on your plan. HR for Health gives you competitive rates, helps you save thousands of dollars, and keeps you in compliance.
Finally, you need to ask whether your 401(k) plans charge commissions or related fees. If it charges commissions, you could be wasting a lot of extra money — and all without fiduciary assistance! That's bad for your bottom line and bad for legal compliance.
HR for Health keeps you compliant and helps you grow. Contact us for a free consultation today.