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When is the Last Time you Reviewed your Retirement Plan

When is the Last Time you Reviewed your Retirement Plan

September 10, 2019
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After Labor Day, when the temperatures (hopefully) start to drop and football season begins we start thinking about employee benefits, specifically retirement plans as there are specific deadlines to keep in mind.  Questions to ask yourself...

  • Should I implement a retirement plan in my business?
  • Do I have the right type of retirement plan for my needs?
  • Has it been over a year since I reviewed my retirement plan?

Any SIMPLE IRA plans transitioning to 401(k)s should aim to make the transition date January 1st.  Any dollars contributed to a SIMPLE IRA will disallow a transition until the following year.  This is why a turn of the year transition is ideal.

September 30th is the deadline to set up a new 401(k) plan with Safe Harbor to allow owners and the highly compensated to make a full annual contribution, plus any additional profit sharing. 

Cash Balance Plans, which potentially allow up to 225k to be deferred should be set up by December 31st and need to be funded by the time you file your taxes.

The main thing to keep in mind… is that your plan itself may not need wholesale changes but most retirement plans (401(k) being the most common) can greatly benefit from an annual review. 

If you are not reviewing your plan on an annual basis you are probably doing yourself and your employees a disservice.  Many plans have inefficiencies, outdated testing or higher pricing.  We can help plans reduce internal cost, maximize the percentage of business dollars going to the owners / highly compensated and ultimately save more dollars tax-efficiently.

All retirement plans and savings strategies should be reviewed on an ongoing basis.  Please contact us at or 704.248.6771 to review your plan.  


This is meant for educational purposes only.  It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. 09/19