401(k) Retirement

Saving for Life After Work

Access to retirement plans is one of the biggest hurdles in the U.S. workplace, and those with access to retirement saving options are 15 times more likely to utilize them. When the savings are automatic, people are five times more likely to participate in a retirement plan. While most workers (75%) save through employer-sponsored retirement plans, more than half (56%) do not know the amount of money needed to retire.

WHAT IF YOU HAD ACCESS TO RETIREMENT OPTIONS THAT SIMPLIFIED AND STREAMLINED RETIREMENT FOR BOTH YOU AND YOUR EMPLOYEES?

VensureHR and Slavic401k: The Answer to Retirement Solutions

Plan Overview

The Slavic401k Retirement Savings Plan will accept 401(k) plan assets from most individual plans. Participants gain access to a sophisticated technology suite that has a portal that allows users to:

Access various forms related to the administration of an account.
View quarterly account statements.
Calculate money needed for retirement.
Update email preferences for the weekly “Email Express” account update.

Safe Harbor

Safe Harbor plans allow company owners and highly compensated employees to defer the maximum. Slavic401k’s Safe Harbor provision provides you with two employer contribution options.

Safe Harbor Matching Contribution: A fully-vested matching contribution of 100% on the first 3% of employee deferrals, plus 50% on the next 2% deferred.¹
Safe Harbor Profit-Sharing Contribution: A fully-vested non-elective contribution to all eligible employees equivalent to 3% of gross compensation.

Profit-Sharing Options

There are four types of profit-sharing contribution formulas used by employers:

Traditional Method: Also referred to as the “pro-rata method,” each participant receives a proportional allocation based on eligible compensation. Contributions can be made in addition to 401(k) contributions.
Integrated Allocation Method: Employees who earn incomes that exceed the Social Security taxable wage base accrue no Social Security retirement benefits compensation paid over that amount. Integrated profit-sharing contributions allow the employer to allocate more to employees based on their compensation above the Social Security taxable wage base.
Age-Weighted Allocation Method: An age-weighted contribution allows an employer to allocate a contribution based on the compensation and age of the eligible employees. This method benefits participants that are older and closer to retirement.
New Comparability Allocation Method: The new comparability plan, also known as “cross-tested,” allows the employer to divide employees into specific groups and allocate the contribution differently to each group. Compliance testing under a new comparability allocation formula is achieved by either testing contributions alone or converting contributions to an Equivalent Benefit Accrual Rate.