A 401(k) Plan is a defined contribution plan that is a cash or deferred arrangement. Employees can elect to defer receiving a portion of their salary which is instead contributed on their behalf, before taxes, to the 401(k) plan. Sometimes the employer may match these contributions. There are special rules governing the operation of a 401(k) plan. For example, there is a dollar limit on the amount an employee may elect to defer each year. An employer must advise employees of any limits that may apply. Employees who participate in 401(k) plans assume responsibility for their retirement income by contributing part of their salary and, in many instances, by directing their own investments.
Plan Consulting Services: Carroll Consultants, Ltd. can help you design your plan to best meet the needs of your organization. We will help you create a design that is creative and compliant with the industry regulations. Our team has extensive experience in every area of your 401(k) and profit sharing plan and will share benchmarking information to make sure your plan is competitive and attractive to help you attract and retain top employees for your business.
Compliance Services: Carroll Consultants, Ltd has been providing year end compliance testing and Form 5500 reporting for plans since the requirements first began in the 1970’s. We help our clients not only satisfy these regulations from a legal aspect, but also from a creative standpoint as well. Our goal is to help your organization meet your goals and objectives. We help you do that.
Investment Due Diligence: Carroll Consultants, Ltd recognizes the importance of a strong, robust and diverse fund menu for your employees. A large part of the success of a 401(k) plan is the fund platform offered to your employees so they can meet their retirement goals. We help you select the best performing funds in the retirement universe. These funds have passed our comprehensive and extensive scorecard system which looks at both quantitative and qualitative factors.
Employee Education and Communication Services: Carroll Consultants, Ltd will help your employees understand and appreciate the generous retirement plan you offer. We conduct group meetings and seminars with the participants to educate them on the plan provisions and fund selections. A successful retirement plan is one in which the employees understand the plan and are actively involved in the plan. We teach them about the plan and the funds so they are able to actively and pro-actively plan for their retirement.
Benchmarking Fee Analysis: Carroll Consultants, Ltd can help you sort through the various options in the retirement market and identify the most competitive platform and program that best fits your organization’s needs. Lower fees mean more money towards retirement. Our objective advice and recommendations that are in your best interest will help you get there.