Businesses may not be an expert on 401k Plan and profit sharing plans, but the staff at Synuity are. By working with Synuity, The Smarter HR, you won’t waste your valuable time trying to make sense of something that you likely don’t have much experience in. Plus, management fees are low, so you won’t have to break the bank to get a professionally managed plan.
Typically when it comes to 401k Plans, small business owners are subjected to a lot of costs when they manage their own 401k plan, which can scare off some employers from even offering the plans to their employees.
We can work to set you up with a customizable plan that fits what you and your employees want. That means that you can spend your time on ways to build your company instead of getting headaches trying to wrap your head around the legal responsibilities of benefits administration.
- A variety of funds to choose from offered through Slavic
- Contributions are taken on a pre-tax basis via payroll deduction
- Access to 401(k) information via website (www.slavic401K.com), and quarterly statements mailed to employees
- Online enrollment (if desired), and streamlined installation process
- 5500 preparation included as part of the Multiple Employer Plan
- Non-discrimination testing
- Loan and distribution processing
- Full fee disclosure of participant charges, transaction fees and management fees
- Variety of 401(k) investment options
- Distribution of participant notifications such as safe harbor, QDIA, etc. directly to participant homes
- What options in the 401(k) plan do adopting employer’s control?
- Vesting options
- Contribution types such as employer match, profit sharing, safe harbor
- Auto enrollment vs. traditional enrollment
- Eligibility requirements.
Advantages of a master 401(k) Plan
- No cost to client
- No liability (Fortune is the trustee of the plan)
- No audit costs for the client