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Products January 15, 2009
Regulators Release Auto-Enroll Info for Small Employers
The U.S. Department of Labor (DoL) and the Internal Revenue Service (IRS) released a new publication to help small employers understand automatic enrollment for 401(k) plans.
Reported by Rebecca Moore
Automatic Enrollment 401(k) Plans for Small Businesses provides a comprehensive overview of the advantages of starting and operating this type of 401(k) arrangement, according to a press release. The publication describes an automatic enrollment 401(k) plan, how to set up the plan, management of the plan, fiduciary responsibilities, and a checklist to ensure compliance with the law.
The agencies said the publication is part of an ongoing education campaign to educate employers, particularly small businesses, and help workers and their families save for a financially secure retirement.
Free copies of the booklet and other materials developed under the campaign are available by calling EBSA toll-free at 866.444.EBSA (3272) or visiting the agency’s Web site at www.dol.gov/ebsa (see Publications).
Additional resources to help small employers are available through the IRS Web site at www.irs.gov/ep.