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 who do have 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 a majority of 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

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 account
  • View quarterly account statements
  • Calculate how much money is needed for retirement
  • Update email preferences for the weekly “Email Express” account update

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.

    1National Institute on Retirement Security, “Americans’ Views of Retirement,” 2021.

    AARP, 2021

  • Safe Harbor Profit-Sharing Contribution: A fully-vested non-elective contribution to all eligible employees equivalent to 3% of gross compensation.

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 in excess of that amount. Integrated profit-sharing contributions allow the employer to make an additional allocation 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 greatly 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 a llocation formula is achieved by either testing contributions alone or converting contributions to an Equivalent Benefit Accrual Rate.

Simplifying Retirement Savings Management

PARTICIPANTS CAN ALSO USE THE WEBSITE TO:

  • Enroll in a 401(k) Plan
  • Edit and Update Personal Information and Beneficiaries
  • Manage Investments and Loans
  • Rebalance Account
  • Change Contributions
  • Generate Online Reports
  • Withdraw Funds
  • Retrieve Forms, Quarterly Statements, and Retirement Path Calculator
  • 401(k) Email Express