PEOs allow you the freedom to custom design a plan and eliminate the testing hassles of a plan that come along with having small business.
Are you looking to add a 40k plan to your business or do you have a plan in place and hate the expense or testing problems that come with having a 401K plan? Does your plan constantly fail testing year after year because you do not have enough employees participating in your 401K plan? If you answered yes to any of the above questions your company may be a good candidate to use the service of a PEO or Professional Employer Organization. Through the co-employment agreement with a PEO you can eliminate the cost and the testing problems associate with having a 401K plan. The IRS ruled that all PEOs must have a multiple employer plan in place. This arrangement allows the PEO to custom tailor the plan for your business. The 401k plan can be a basic plan with just simple 401k participation rules that only allow employee contributions or it can be a rich plan with certain safe harbor or employer matching provisions. A plan also can be set up and change with out extra expense and paperwork. Eliminate some of the headaches that come along with having employees, benefits and 401k plans contact a PEO today.
StaffScapes provides PEO services in Colorado and across the nation. Contact our sales or benefit department to learn more about our 401K plan. We can be reached at 303-466-7864.