Retirement Plan Administrator for Business Owners

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5 Retirement Planning Tips for Business Owners

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Whether you're decades long in your business or
just beginning here are five things you need to
do when optimizing your small business retirement
plan.
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Stay Up To Date On Compliance
Over the past couple of years, the Fiduciary Rule
proposed by the Department of Labor has garnered
a lot of attention. This rule is framed specially
to raise advice standards for investment advisers
and ensure investment costs are transparent. This
new regulations have put a pressure on companies
to accurately perform their 401(k) administrative
duties than ever before.
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Increase Plan Effectiveness By Lowering Fees
One of the best ways to improve the plan
effectiveness is by lowering fees. The good news
is that 401(k) fees have been coming down. If
your fees havent reflected this trend, then you
either were already running a low-cost plan, or
your plan expenses are too high. Its a great
idea to double-check.
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Improve The Monitoring Of Investment Options
One of the key responsibilities of 401(k) plan
administrator is offering appropriate investment
options. The investments must be actively
monitored to ensure that your options remain
appropriate.
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Drive Better Employee Participation And Engagement
Thats one way to measure the effectiveness of
your companys 401(k) plan. A high participation
rate means that most employees are socking away
money for retirement. Not only that, it means the
plan is more likely to pass IRS nondiscrimination
testing without a hitch.
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Make Your Plan Even More Tax Efficient
Making your plan more efficient can steer more
compensation towards selected employees in a tax
efficient manner, allow the business to pay less
in taxes, and boost the ability for employees to
save for retirement.
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So, lets get started. Visit www.heartcg.com or
contact us at (913) - 649 3171 Email Id
gmb_at_heartcg.com