News from Kampstra Wealth Management

While bundling the 401(k) with your payroll provider appears to be ‘easy’, it could turn into a nightmare down the road. There are several important reasons you should look elsewhere, consider the following . . .

Every 6 years the Internal Revenue Service (IRS) requires business owners to update their 401(k) plan document (aka plan rule book) to catch up the plan on all recently passed legislation. You have until July 31, 2022 to make the necessary changes. It’s imperative to review your current plan design to make sure it matches the goals of your business and employee benefits offering. Below is a list of plan features that we’re reviewing with our business owner clients.

The new safe harbor permits delivery of covered documents via website or email.

Establishing financial wellness metrics has become increasingly important over the last year. The COVID-19 pandemic has created economic hardships for many American families, depleting emergency funds for some and forcing others to take on additional debt to cover necessary expenses. At work, the resulting stress can lead to increased absenteeism, decreased productivity and greater health care costs for plan sponsors.

Whether to use bundled or unbundled service providers is an important decision for your retirement plan. A fully bundled arrangement provides an easy, one-stop shop for services, while unbundling separates functions and uses a third-party administrator (TPA), distinct...