Safe Harbor 401(k) plans are popular choices for small businesses, and it’s easy to see why. 401(k) Safe Harbor plans allow small businesses more freedom and flexibility in exchange for employer contributions, notice requirements, and no vesting schedule. Learn more about Safe Harbor with 401GO.
401GO Plans
What is Safe Harbor?
Safe Harbor is a type of 401(k) plan that allows employers to circumvent certain compliance requirements in exchange for providing employer contributions to employee accounts. Since Safe Harbor plans can reduce administrative costs and burdens, they are extremely popular for small businesses.
Reasons to Choose Safe Harbor
No Nondiscrimination Testing
Perfect Fit for Small Businesses
Automated Compliance
Simpler Plan Administration
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Frequently Asked Questions
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What is a non-elective Safe Harbor 401(k)?
A Safe Harbor non-elective 401(k) requires an employer to contribute at least 3% of pay for every employee, regardless of whether or not the employee makes contributions. These contributions go directly from the employers to the employees’ retirement plans and employees don’t have to pay for them.
What is a QACA Safe Harbor 401(k)?
A qualified automatic contribution arrangement (QACA) Safe Harbor 401(k) is a plan type popular with small businesses particularly because of the vesting schedule and match formula. Most Safe Harbor plans require immediate vesting and at least a 4% employer matching contribution, but a QACA design is different. It allows for a vesting schedule of up to 2 years, and a matching contribution of just 3.5%. These features make it a valuable design for many small companies.
Which 401(k) plan type is best for my small business?
401GO works with a variety of 401(k) plans, including non-elective and Safe Harbor. If you have any questions on which 401(k) plan is best for your small business, speak to one of our knowledgeable representatives and they can help determine a plan that best fits your situation. You’ll find our plans customizable and affordable with world-class customer service.
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Start Your 401(k) with 401GO
401GO provides flexible plans and pricing for small business 401(k) plans. If you’re a small- or medium-sized business looking to include 401(k) in your benefits, let us craft an affordable plan that works for you.
