Page 73 - Colorado Construction & Design Magazine - Spring 2023

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
Select
Customizedplandesignoptionstomeetthe needs of the business and employees
Submit
Your plan specifications and design parameters for implementation
Serve
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.
www.ccdmag.com | news@ccdmag.com
Colorado Construction & Design | 73
2 Potentially lower your plan administration
3 Help provide more investment options and
expenses.
access to you and your employees.
ASSOCIATED GENERAL CONTRACTORS