Happy Friday, everyone!
If you haven't reviewed your 401(k) plan design and you're thinking about changes for 2027, now is the time to do it. Safe Harbor plans are required to make amendments before the December 1st notices go out - and those things take time.
For current Safe Harbor (or you're considering adding it), aim to get amendments in by the end of October. That gives your admin & recordkeeper enough runway to make sure everything's implemented by the 12/1 deadline.
Do you know how your plan design stacks up to you competitors?
As plan fiduciaries, we do this every year when we meet with clients - not just to check that the plan is competitive, but to make sure it's still meeting the goals of the company. A business looking to maximize tax deductions could land on a very different plan design than one that simply wants to offer a stellar benefit to employees.
If you haven't run this comparison in a while, we can put one together easily. Feel free to reach out.
~ Kelly
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Kelly McKay
Business Retirement Advisor
McKay Retirement Consultants
Renton WA
(206) 973-4487
kelly.mckay@mckaywealth.com------------------------------