Employer Sponsored Business 401(K) Plan Services for Rhode Island

One of our experienced financial professionals can assist you as you navigate the complex retirement plan landscape. As the employer, plan sponsor and plan fiduciary, you have certain responsibilities to ensure optimal 401(k) plan performance in terms of reasonableness of plan fees, optimal investment selection and educated and informed participants.

Under a defined contribution plan, the contribution that the company will make to the plan and how the contribution will be allocated among the eligible employees is defined. Individual account balances are maintained for each employee. The employee's account grows through employer contributions, investment earnings and, in some cases, forfeitures (i.e., amounts from the non-vested accounts of terminated participants). Some plans may also permit employees to make contributions on a before-and/or after-tax basis.

Since the contributions, investment results and forfeiture allocations vary year by year, the future retirement benefit cannot be predicted. The employee's retirement, death or disability benefit is based upon the amount in his or her account at the time the distribution is payable.

Employer account balances may be subject to a vesting schedule. Non-vested account balances forfeited by former employees can be used to reduce employer contributions, plan expenses, or can be reallocated to active participants.

The maximum annual amount that may be credited to an employee's account (taking into consideration all defined contribution plans sponsored by the employer) is limited to the lesser of 100% of compensation or $53,000 in 2015.

Tax deduction limits must also be taken into consideration. Employer contributions cannot exceed 25% of the total compensation of all eligible employees.

Call at 866-691-4100 to speak with an Independence Financial Partners professional or visit one of our Rhode Island offices in Warwick, Little Compton, and Newport.

• Plan design review including plan demographics review
  
• Consultation on alternative plan designs
  
• Safe harbor guidance
  
• Consultation on automatic features
  
• Review of 404(c) compliance
  
• Annual plan view meeting
  
• Plan fee and services benchmarking
  
• Product vendor analysis
  
• Review of:
  
• Annual Service Report
  
• Participant Activity Report
  
• Transition Services if necessary