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All about 401(k) plans

Everything you wanted to know about 401(k) plans for you business but were afraid to ask.

New Retirement Plan Rules Impact Small Businesses

February 27, 2023 | posted by Abacus Payroll
In the final days of 2022, Congress passed a new set of retirement rules designed to facilitate contribution to retirement plans and access to those funds earmarked for retirement. The law is called SECURE 2.0, and it is a follow-up to the Setting Every Community Up for Retirement Enhancement (SECURE) Act passed in 2019. The […]
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Reduce Your Payroll’s Administrative Burden for 401(k) Plans

December 29, 2022 | posted by Abacus Payroll
In March of 2019, NJ Governor Phil Murphy signed the New Jersey Secure Choice Act which authorized the creation of the Secure Choice Savings Program. This plan is a state-sponsored retirement plan that is designed to help more employees save and be prepared for the future. It requires that employers with 25 or more employees […]
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New Jersey Retirement Plan: State-Mandated or In-House?

August 1, 2019 | posted by Abacus Payroll
The state of New Jersey recently implemented a mandatory retirement fund for small business employees, becoming the ninth state to do so. While the plan is employer-friendly insofar as employers don’t have to contribute to it out-of-pocket, there are still some considerations and incentives for using your own in-house 401(k) plan to help your employees […]
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What is the Right Retirement Plan for Employees?

July 8, 2019 | posted by Abacus Payroll
Small businesses and self-employed individuals often tune out when conversations or articles about pension plans come up. That’s just for big business, they think, not for little guys like us. But small firms can tap into the tax breaks of pension plans more easily than they might imagine. Pension plans provide tax deductions for the […]
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Why Offer a 401(k) Plan To Your Employees?

May 28, 2014 | posted by Ren Cicalese
To attract and keep qualified employees. Offering a 401(k) plan is an important added benefit for your employees in addition to their compensation because it builds the perceived value both prospective and current employees have come to expect in an organization. Participation in a 401(k) plan also helps retain employees who appreciate the security of […]
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Top 5 things to consider if you want to set up a 401(k) plan

May 28, 2014 | posted by Ren Cicalese
1. What will it cost to set up a 401(k) plan and administer it? It depends! New plans may have start-up or base fees beginning at $1,800, and every plan has a per participant fee of $25 or more.  Plans consisting of 100 participants or more require an annual audit and are therefore more expensive. […]
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