401(k) Plans and Prevailing Wage Fringe BenefitsJune 30, 2016
All About 401(k) PlansAugust 5, 2016
By: Candy Miller
When you think about building your business, probably one of your biggest focuses was finding the right candidates with the most potential for the positions you needed to fill. You likely took your time to interview candidates and found the perfect matches for your company that will help your business grow.
However, something that slips many employers’ minds is thinking about investing in employees’ futures, more specifically helping them prepare for retirement. The sooner companies add such benefits, the sooner they can begin building loyalty and increasing tenure.
Most of the time when an employer comes to Benefits Administrators, they already have retirement plans in place for employees, but sometimes they want us to assist them with setting up a plan. Either way, at Benefits Administrators, our process is the same no matter what the circumstance.
Once we land a new client, our Chief Executive Officer and Chief Operating Officer put together a team that will assist the client with any needs they may have. On the team are a data coordinator and a retirement plan coordinator. We work together to make sure that each client’s plan is in compliance with regulations.
The data coordinator does research about plan options and then educates the employer and their employees. As one of the retirement coordinators, my job is to make sure each plan is in compliance with the rules and regulations set out by the IRS. We work on each plan’s annual evaluation, reconciling their assets or plans for a calendar year. Each client will send us their census and contributions they made to their employees’ plans for the year. It’s our job to make sure they match up. The last thing we want is for one of our clients to have to deal with the IRS due to inconsistencies or a rule infringement.
Sometimes our work can be stressful, since we are dealing with a very technical industry. That is one of the reasons the team approach works so well, we think an extra set of hands and eyes can never hurt. At Benefits Administrators, no matter how hectic the time of the year, you can always count on being greeted by a friendly voice who will do their best to help you with your plan’s needs. It’s just what we do…we don’t stop caring.