RETIREMENT SOLUTIONS

401(k) Retirement Plans

Empowering employees and strengthening retention.

A 401(k) plan is the most common “defined contribution” workplace retirement plan in the private sector. It is an employer-sponsored retirement savings plan into which employees allocate a portion of their pay, subject to IRS annual limitations. As sponsor and employer, you may choose to match all or a portion of your employee contributions.

According to a recent analysis from the US Bureau of Labor Statistics, 41% of companies that provide a 401(k) plan offer employer matching contributions, typically up to 6% of employees’ salaries. Only 10% of these companies go beyond the 6% mark, with the top/larger employers matching contributions up to 25%.

Our local 401(k) plan administration experts can work with you to ensure your retirement and benefits plans fit your short- and long-term needs and budget. With Daybright, you have more options. Simply.

All of our 401(k) plans include:

Open architecture portfolio — thousands of funds to choose from
Professionally managed model portfolios
No proprietary fund requirements
Zero revenue-sharing funds
Trusted custodial partners: Charles Schwab, MG Trust (Matrix), Fidelity, Mid-Atlantic
360 payroll integration
Easy online enrollment, with comprehensive support
User friendly management technology
Straightforward pricing — no hidden cost
Options for fee- or commission-based arrangements
Comprehensive compliance and fiduciary support

Different types of plans have distinct features and benefits that can align to your needs and goals.

Traditional 401(k) plans – allows your eligible employees to make pre-tax contributions through payroll deductions, often with some level of employer matching contributions

Roth 401(k) plans – allows your eligible employees to make after-tax contributions, and withdrawals in retirement are tax-free.

Safe harbor 401(k) plans – if your business has stable or predictable cash flows, this retirement plan adheres to IRS rules and automatically passes nondiscrimination tests, simplifying your administration and compliance requirements. These rules ensure that highly compensated employees (HCEs) can contribute the maximum allowed without restrictions.

Simple 401(k) plans – if you are a small business with 100 or fewer employees, this plan might suit you with its lower administrative burden.

Solo 401(k) plans / self-employed 401(k) plans – for the self-employed — or if the business has no employees other than a spouse — this might be a good retirement saving option.

Tiered-match 401(k) plans – allows your retirement plan to be structured with different employee contribution levels and employer matched contribution formulas, based on factors such as job classifications, tenure or seniority.

Automatic enrollment 401(k) plan – some small or newer businesses might choose this option to attract talent, increase participation, streamline the enrollment process and enjoy tax advantages. Employees can opt out.

Profit-sharing 401(k) plan –also known as a deferred profit-sharing plan, this plan helps employers contribute a portion of pre-tax profits to the retirement account of their employees at the end of their financial year — a percentage of their salaries or a fixed dollar amount.

Our process covers all the services you need:

We’ll save you time and effort in choosing and offering your plan and, ensure it continues to operate as cost efficiently as possible.

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