Byrne Asset has partnered with ADP and Schwab to present a 401k Plan with minimal cost, seamless data flow, and a platform that maximizes the financial wellness of employees and employers.
If you are considering a 401k and comparing it to other employer plans, you will find that 401k plans offer employers much choice in terms of benefit structure. Employers are not required to make any contributions, but if they do, they must conform to certain standards of fairness.
All assets of a 401k plan are held in a single trust account. A Third-Party Administrator (TPA) maintains records for the employer and all participants, active and retired. The sponsor (employer) must file IRS Form 5500 annually. This is usually prepared by the TPA.
Key attributes include:
Employee contributions (2024) – Optional, up to $23,000 through age 49, up to $30,000 if 50 or older.
Employer contributions – Not required, but if done, must conform to plan’s chosen option for fairness.
Maximum total contributions (2024) – Employee plus employer contributions cannot exceed $69,000.
Administration – Much, most of which can be handled by a TPA.
Plans for which we advise entail these additional benefits:
Comprehensive financial counsel for your employees
Superior investment selections
Contact us to learn more.