NEW 401k plan for 2017 Deadline Oct 1st
Looking to set up a NEW 401k plan for 2017? The decision needs to be made NOW !!!!
If you are an employer looking to set up a new retirement plan for 2017 that has all the features available this year, including employee contribution features (deferrals), the deadline is October 1st.
As we work with companies and learn about what will make their plan successful, we consider what plan features and benefits complement the company’s goals and values. In some cases, the use of a Safe Harbor feature is important to the success of the plan.
The deadline to start a Safe Harbor plan is also October 1st but one of the requirements of a Safe Harbor plan is to send out a notice, 30 days prior to the start date. That means that notice must be given by September 1st.
While most of my entrepreneurial clients think we can snap our fingers and, poof a plan is completed, that is not the case. We work with our clients and the Third Party Administrator (TPA) to design customized plans. That means we need a decision made to set up the plan and the plan features confirmed 10-15 days before September 1st.
So really the deadline to decide to set up a 401k plan for 2017 is NOW! Give Chad Halbur a call if you would like to discuss plan options 866-200-6528.