Since 1982 Wake Financial Group, Inc. has specialized in the design and administration of Qualified 401k Retirement Plans of all types for employers with as few as one employee to employers with thousands of employees. Required testing and plan reporting to plan participants, the plan sponsor, the IRS and Department of Labor.
Our "Preferred TPA" status with most Retirement Platform providers allows our firm the ability to provide the latest in Web-Based Record Keeping. Our firm has an estimated $200 million under administration with a number of platform providers. Wake Financial Group, Inc. has been, and continues to be, the Qualified 401k Retirement Plan Administration resource for all employers.
Our "Preferred TPA" status with most Retirement Platform providers allows our firm the ability to provide the latest in Web-Based Record Keeping. Our firm has an estimated $200 million under administration with a number of platform providers. Wake Financial Group, Inc. has been, and continues to be, the Qualified 401k Retirement Plan Administration resource for all employers.
Services
The first step with a prospective client is to determine the best plan design to meet the client's objectives. Employer matching is discretionary. Both deferrals and matching contributions are subject to discrimination testing performed at least annually by the plan administrator. The Non-elective Safe Harbor Contribution is allocated to every eligible participant based on salary and the formula is 3% of annual compensation.
Most Fortune 500 companies had this plan type years ago, but many have discontinued these plans in favor of the more popular 401k retirement plans. However, there are still situations where this 401k retirement plan design works very well. This plan favors employees and owners who are 50 years old, or older.
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