Did You Know adding a Safe Harbor contribution requires advance notice?
Safe Harbor contributions require employees to be notified of the plan change, but don’t worry…you have until December 1st if you want to add it. Why would you add a Safe Harbor contribution to your retirement plan? Safe Harbor contributions are a great way to provide a benefit to your employees while also allowing Highly Compensated Employees to save more for their own retirement. Safe Harbor contributions are fully vested, but they are great incentives to employees to stay loyal and hard-working. In this job market, the more benefits you can add, the more appealing your company is to potential candidates and hires.
Not sure of the best way to beef up your benefits package? MVP can provide guidance for the retirement plan piece based on your company’s needs and goals. Give us a call today!