Page 73 - Colorado Construction & Design Magazine - Spring 2023
P. 73

   The Blue Print for your 401(k) Plan
Three reasons you should
join the Associated General Contractors of Colorado MEP
   1 Make it easier for you to reduce and manage your liability.
How it works
Reduce the burden you may feel in sponsoring a retirement plan by becoming a member.
When you join, you can reduce the responsibilities as a plan sponsor and focus on your business. Think about
the current administrative workload you have today, then compare it to the responsibilities you’ll have after joining.
Your responsibilities today
Employer/plan administrator duties:
• Maintainaplandocumentandanyrequiredfutureamendments • Determine participant eligibility
• Planfeatures(loans,distributions,hardshipwithdrawals,etc.)
• Maintainafidelitybond
• Determineandmonitorplanparticipanteligibility
• Approveparticipant-requestedloansandcertifyhardship
withdrawal requests if allowed by your plan
Maintain operational standards of:
• Frequencyofenrollmentandeducationalmeetings
• EnrollmentkitswiththeSummaryPlanDescription(SPD)
and required participant notifications, such as 404(c)
• Procedurestoaddressparticipantinquiries
• Validationofcompliancetesting
• Annualauditoftheplanifmorethan100eligibleemployees
• Distributionofallrequired401(k)noticestoemployees
Nominating plan fiduciary(ies) who will:
• Maintainaninvestmentpolicystatement
• SelectandmonitorinvestmentsaccordingtoERISAregulations • Establishquarterlyinvestmentmeetingstoreviewinvestments
available in the plan, expenses and performance using benchmarking
Your responsibilities after joining
Customizedplandesignoptionstomeetthe needs of the business and employees
Your plan specifications and design parameters for implementation
As a co-adopter of the Associated General Contractors of Colorado MEP
Additional benefits
• Outsourcingofplantrusteeandnamedfiduciaryduties
• Accessto3(21)investmentservicesandaccesstolow-cost
institutional fund menu inclusive for plan participants
• Nohard-dollarcostsforplanadministrationorsetupcosts
• Noplanauditrequirementifmorethan100employees
For more information, contact Mary Sue Kenny, Equitable Advisors (720) 987-0705. |
Colorado Construction & Design | 73
2 Potentially lower your plan administration
3 Help provide more investment options and
access to you and your employees.

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