401(k) Plans and Services

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Retirement Solutions: 401(k)

Today’s competitive workplace environment dictates that employers are increasingly faced with the decision of not just whether to sponsor a retirement program for its employees but which type of plan? 

Mundo Financial Services has experienced Financial Consultants that will work with you to evaluate your organization’s retirement plan needs, consult with you on the right choice for your particular situation, assist in the implementation process and remain committed to you in the years to come. 

Proper Qualified Retirement Plan selection is critical and providing one has numerous benefits - not only to your employees but to the plan sponsors as well. Certainly one of the primary benefits is the tax advantages associated with funding the plan with tax deductible contributions. Another is the positive impact that a retirement plan has on recruiting and retaining employees. Their future financial security may well depend on having a well designed plan available, proper funding and wisely invested assets. 

With so many plans available, 401(k), Profit Sharing, Defined Benefit, 403(b), 457, SEP-IRA, SIMPLE-IRA to name just a few, plan sponsors need the proper advice to determine which program best suits their circumstances.

Contact Us:
If your company has had issues with plan compliance in the past, or you would simply like a review to ensure your plan is not experiencing any of these issues, contact Mundo Financail Services today Click here for Email.

Most Common 401(k) Plan Management Mistakes

  • Failure to Update Plan Documents
  • Failure to Follow Terms of the Plan
  • Incorrect Application of Compensation Definition 
  • Misapplication of Matching Contributions  

How to Fix the 401(k) Plan Managment Mistakes

  • Adopt amendments for missed law changes
  • Apply reasonable correction method that would place affected participants in the position they would have been if there were no operational plan defects.
  • Corrective contribution or distribution.
  • Apply reasonable correction method that would place affected participants in the position they would have been if there were no operational plan defects.
  • Make qualified non-elective contributions for the non highly compensated employees.

Source: http://www.irs.gov/pub/irs-tege/401k_mistakes.pdf

 
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