301-990-9170 [email protected]

401(k) Plans for Businesses

Servicing 401(k) plans requires a thorough understanding of retirement plan regulations, strong communication skills, and attention to detail to ensure compliance and provide effective support to both employers and employees.

 

Here are key aspects of how we service 401(k) plans:

Plan Design and Implementation

  • Work with employers to design a 401(k) plan that aligns with their objectives and meets regulatory requirements.
  • Assist in implementing the plan, including the creation of plan documents.

Employee Education

  • Provide education and communication to employees about the 401(k) plan, including enrollment processes, investment options, and contribution limits.

Recordkeeping

  • Maintain accurate and up-to-date records of participant contributions, investment choices, and account balances.
  • Ensure compliance with reporting requirements, including annual Form 5500 filings.

Investment Management

  • Offer a range of investment options for participants to choose from.
  • Monitor and update the investment lineup to ensure it remains diverse and aligned with participants’ needs.

Compliance Monitoring

  • Regularly review the plan’s operations to ensure compliance with the IRC and other relevant regulations.
  • Address any compliance issues promptly.

Contribution Management

  • Handle employee contributions, including salary deferrals and employer contributions.
  • Monitor contribution limits to ensure compliance with IRS regulations.

Distributions and Loans

  • Facilitate distributions and loans in accordance with plan rules and regulatory guidelines.
  • Provide guidance on the implications of taking early withdrawals.

Fiduciary Responsibilities

  • Assist plan sponsors in fulfilling their fiduciary duties.
  • Implement and document a prudent process for selecting and monitoring service providers.

Plan Amendments and Updates

  • Keep abreast of legislative changes and ensure that the plan is updated accordingly.
  • Assist in amending the plan when necessary.

Testing and Nondiscrimination Compliance

  • Perform annual testing to ensure the plan does not discriminate in favor of highly sated employees.
  • Address any issues arising from failed tests.

Service Provider Coordination

  • Coordinate with third-party administrators, investment managers, and other service providers to ensure seamless plan administration.

Participant Support

  • Offer ongoing support and guidance to plan participants, including assistance with account management, investment choices, and retirement planning.

Contact Us

If you need guidance or advice in helping you secure your financial future, then we would love to speak with you.

[email protected]

301.990.9170

One Bank Street, Ste 100, Gaithersburg, MD 20878

M-F: 8am-5pm, S-S: Closed

Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc. a Registered Investment Advisor. Cambridge, Montgomery Financial Partners, and Nymeo Credit Union are not affiliated. Non-deposit investment products are not NCUA insured, not credit union guaranteed, may lose value. Cambridge Customer Relationship Summary.

Diversification and asset allocation strategies do not assure profit or protect against loss. Past performance is no guarantee of future results. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk.

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