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Plan Design
The foundation of a successful 401(k) plan begins with a plan design that corresponds to each employer’s current and future needs and employee demographics. Defined Plan Advisors offers an organized, systematic and periodic plan review process. Each relevant design feature is examined with ideas to improve plan value. Some design features reviewed in our analysis include:
- Eligibility Waiting Period
- Plan Entry Dates
- Elective Deferral Limits
- Employer Match Design and Funding
- Age and Service Requirements
- Definition of Financial Hardship
- Funding Timing for Employer Contributions
- Loan Provision Design
- In-Service Withdrawal Provisions
- Discretionary Contribution Formulas
- Vesting Issues and Design
- Plan Trustee Issues