Eligibility criteria for 401kInABox™ Safe Harbor Plan
- No existing 401(k) plan
- No SEP or SIMPLE IRA for the current plan year
- All employees including the owner paid on a W-2
- Employer will make employer contribution on a payroll by payroll basis
- No controlled groups or affiliated service groups
- Able to work with us electronically
- Work with one of our preferred recordkeeping partners
The Annual fee of $499 will apply if your company can meet the following criteria.
- No wait with quarterly entry dates
- 1 year of service with 1000 hours and semi-annual entry dates
- 1 year of service with no minimum hours and semi-annual entry dates
Plan Contributions Options
With 401kInABox™ Safe Harbor Plan, the employer have following options regarding employer contributions to the Plan. These apply to any eligible employees:
- A dollar for dollar match with a maximum employer match of 4% of compensation.
- A dollar for dollar match on first 3% of compensation plus a 50 cent match on the next 2% of pay contributed for a maximum match of 4% of compensations
- A dollar for dollar match with a maximum of 6% of compensation.
- A 3% of compensation contribution whether or not the employee contributes to the plan
- 401kInABox™ allows both pre-tax 401(k) Deferrals and after-tax Roth deferrals.
- The annual fee of $499 will include the Annual Form 5500.