Safe Harbor 401(k) Plans offer advantages for employers who want to provide company incentives to their employees, without the hassle of complicated plan testing and administration.
Do you want to give contributions to ALL eligible employees?
You should elect Safe Harbor Non-elective Contributions.(The Company will contribut 3% of each eligible participant’s salary)
Do you want to contribute ONLY to those employees who are deferring?
You should elect Safe Harbor Matching Contributions.(The company will match 100% of the participant’s deferrals up to the first 3% of salary, and 50% up to the next 2% of salary for a total match of 4%)
|Explanation of Service||Fee|
|Plan Illustration and Consultation||$99*|
|Initial Setup Fee||$499|
|Annual Administration including filing of IRS Form 5500-SF
Eligibility criteria for 401(K) SafeHarbor plan
|Additional Services (if applicable)|
|Annual Per Participant Fee||$10|
|Distribution Processing Fee (if applicable) paid by employee||$125|
|Loan Processing Fee (if applicable) paid by employee||$125|
|Form 5558 Extension (if applicable)||$99|
|If census and asset data is not received by June 28th of the following year||$99|
|Plan Document Maintenance||$125|