Webinar: The ideal 401 (k) for today's business.
Additional Resources:
Webinar Q & A:
Q: How do I know if I am a fiduciary or not?
A: At least one fiduciary is named in the plan document, but most plans have multiple fiduciaries that are not named. The DOL states that any person who exercises discretionary authority or control respecting management of such plans or management of its assets, or administration of the plan is a fiduciary.
Q: Do you have to be a TPC payroll client to be part of the Payroll Company 401 (k) plan?
A:Yes, for two reasons. First, one of the major benefits of the plan is the integration with payroll, and taking those responsibilities off of the payroll or HR staff, so if you are using another payroll provider, that major benefit is no longer applicable. Second, since TPC is the plansponsor and administrator of the plan, it is impossible for us to "police" what companies are doing with respect to the 401k plan if we are not processing the payroll. For instance, if an employee reaches the eligibility requirements, we automatically enroll that employee in the 401k and begin payroll deductions. If we aren't processing their payroll, we have no way of knowing if they are following the plan document and auto enrolling the employee.
Q: How do you select the funds offered?
A: We have an outside company choose and monitor the investment choices offered in the plan.
Q: Can I use my existing RIA for the Payroll Company 401 (k)?
A: Absolutely!
Q: How can the Payroll Company 401 (k) ease my administrative burden?
A: TPC handles the file transmittals and contribution reporting each pay period, the census reporting at the end of the year, and files the Form 5500. In addition, the employee can make changes to the contribution percentage and investment choices online and it all flows directly into the payroll system.
Q: How can I get my existing RIA more information about the Payroll Company 401 (k)?
A: You can have your RIA call or email me, Erika Young, I would love to talk with them. My email address is erikay@payrollcompany.biz and my phone number is 608-826-1130.