401(k) Plan Challenges for Small Businesses: ERISA Compliance, Impact of SECURE 2.0, Fiduciary Obligations, and More

Strafford

This CLE webinar will provide employee benefits counsel a detailed analysis of the legal framework and challenges for establishing 401(k) plans for small businesses. The panel will discuss applicable rules and regulations for 401(k) plan structures and operations, compliance and reporting requirements, the impact of SECURE 2.0, fiduciary obligations and avoiding litigation, plan participants and contributions, vesting, plan investments, and other key items.

Description

Implementing 401(k) plans for small businesses can be complicated and confusing. Plan sponsors and employee benefits counsel must be well-versed in 401(k) plan design and administrative challenges in order to minimize liability and ensure compliance.

401(k) plans are a type of profit-sharing qualified retirement plan widely used by employers of all sizes to help recruit and retain employees. These plans are required to meet certain criteria under ERISA, Department of Labor, and IRS guidelines and requirements, which means that these plans must have specific characteristics built into them by design. However, there are ways in which 401(k) plan provisions may be customized for small businesses.

It is important for plan sponsors and counsel to understand how 401(k) plans are designed so that they can maximize the benefits that these plans provide by identifying plan design and administrative issues, understanding investment options, appropriate oversight, and day-to-day administrative and fiduciary requirements.

Listen as our panel discusses applicable rules and regulations for 401(k) plan structures and operations, compliance and reporting requirements, the impact of SECURE 2.0, fiduciary obligations and avoiding litigation, plan participants and contributions, vesting, plan investments, and other key items.

Outline

1. 401(k) plan overview: challenges for small businesses
2. Establishing a 401(k) plan
3. Managing ongoing administration challenges
4. Investing
5. Fiduciary responsibilities
6. Mechanisms for small businesses to offer retirement benefits to employees

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