Managing your company’s 401k plan can be an overwhelming task. From potential penalties to high administration fees, Millstone Financial Group is here to help.
If you are a New Jersey business owner with at least 25 employees, you are required to establish a payroll-funded IRA savings plan for your employees. The deadline is December 31, 2021 and companies who fail to comply could be subject to fees and penalties.
And don’t forget the SECURE Act Penalties imposed by the IRS and DOL that increased in 2019. Failing to file Form 5500, 8955-SSA and failing to provide income tax withholding notices could cost you a lot of money in penalties if you are not proactively managing your 401k plans.
Click to read our recent article: 5 Reasons to Reevaluate Your Current Company’s 401(k) Plan