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401k Retirement Plan Services
AdvanStaff 401k General Information
Attracting and retaining employees is easier when you reward them with valuable benefits. Sponsoring a 401k program is an excellent way to compete for top talent.
Let us help. By adopting AdvanStaff HR’s multiple employer plan (MEP), you pass most (if not all) of the cost and compliance responsibilities over to us. We manage retirement plans for hundreds of employers and use our scale to save you time and money. It’s never been easier.
Not only will you save thousands each year in plan administration and audit fees, we will assume the fiduciary responsibility and allow you to get back to the business of your business.
- Eliminate the hassles of 401(k) plan administration
- Full flexibility in plan design (matching, profit sharing, eligibility, vesting and more)
- Zero cost to you and low participant costs
- Eliminate your role as Trustee of your own plan
- Outsource Fiduciary liability to AdvanStaff HR
- No more IRS form 5500 to file
- No more plan audits
- Outsourced loan and distribution processing
- Low cost no-load mutual funds from Vanguard, BlackRock, T. Rowe Price, American Funds, MFS and more.
- Administrative Services provided by AdvanStaff HR
- Clearing Services provided by Fidelity
- Investment Committee Services provided by AdvanStaff HR
- Investment Advisory Service provided by Slavic401k
- Administrative Services and Record keeping provided by Slavic401k
401k Plan Services
- Turnkey 401k Solution
- Very low cost, multiple employer plan
- One Day Contribution Processing
- 5500 Filed
- Compliance Testing
- Data Bridge with payroll system
- Online Portal – 24/7 reports
- 800 call support – Participants, Sponsor
- Loan and Distribution outsourced processing
- Electronic Signatures, Trustee authorization
- Document Fulfillment
- Newly Eligible
- SPD, SAR, SMM
- Online enrollment, New Plans prior to plan set-up, Entry Dates, Newly Eligible
- Enrollment Meetings: on-site, webinars, conference calls.
- Material Provided, – Enrollment Guides, Adoption Guides
- Video Applications
- Email Express co-branded participant education
- Volume Submitter Multiple Employment Plan Document – updated and restated 2020
- Worksite Amendments
- Compliance Questions answered timely – same day
- DOL Audit representation if applicable
- Audit package provided timely
- Sponsor Express co-branded Monthly Notification to worksite employers with statistics and testing results
Employer Matching Options
- Zero match
- Custom match
- Safe Harbor
- Basic (3%)
- 100% of the first 3%, plus 50% of the next 2%.
- 100% of the first 4%.
- Basic (3%)
- QACA – Qualified Automatic Contribution Arrangement
Automatic Enrollment Option (Qualified Automatic Contribution Arrangement – QACA)
The employer automatically enrolls the employees in the 401(k) plan for a pre-tax contribution between 3% to 6%.
If the initial auto-enroll contribution rate is less than 6%, the employee’s contribution would automatically increase 1% each calendar year until they reach 6%.
Employees have 90 days to opt-out of the automatic enrollment and receive a full refund of their contributions.
A Safe Harbor QACA arrangement allows the company to implement a vesting schedule of up to 2 years on the matching or non-elective contributions.
- QACA Match
- 100% of the first 1%, plus 50% of the next 5%. $1.00 for $1.00 matching contribution on the first 1% of
- QACA Non-Elective
- A minimum of a 3% employer non-elective contribution for each employee whether or not they actively contribute a portion of their own compensation
Safe Harbor Matching Options & QACA Explained401k-Safe-Harbor-Options-QACA
- Investment Policy Statement
- Investment Monitoring
- Fiduciary Portal
- 3(21) Advisory Services – recommendations
- Participant Education
- 3(38) Advisory Services – Optional Portfolio Allocation Service