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Showing posts from August, 2019

When to Call a Third Party Pension Plan Administrator?

Administering pension plans is not an easy task for companies, especially small businesses with limited administrative capacity. It’s a complicated task, full of legal issues and financial calculations that can make the entire process confusing.

For this reason, many companies choose to use a third-party pension plan administrator. The purpose of the service is to provide you with a foolproof way to manage employee pension plans without the steep learning curve. You specify the benefits you’d like your employees to receive, and then the administrator does all the busy work for you, allowing you to get on with running your business.

But when should you call a third-party pension plan administrator and use their services? Take a look at the following scenarios.

You Want To Enroll Your Employees On A 401(k) Scheme
401(k) pension plans allow your employees to put money into their pension plans today and defer taxes in the future. So, for instance, if you pay your employee $50,000 per year …