The 401(k) Plan is probably the most widely used company retirement plan. It allows for the selection of plan features to achieve specific goals for your company and your employees. A plan must set specific eligibility requirements and vesting schedules. A 401(k) Plan may require that employees be age 21 and/or completed at least one year of employment with the company in order to participate. If the plan calls for immediate vesting, two years of employment may be required prior to becoming eligible.

Vesting is another term for ownership of the account balance and is determined mainly by the source of the funds. Contributions that employees make are always 100% vested, meaning that they always own all of the money that they contribute into the plan. Contributions that employer's make may follow a schedule in which the vesting percentage increases with each year of employment. The maximum number of years before an employee is fully vested is seven, but the employer may choose a lesser number of years.

TSG Benefits Group can help your organization in four specific ways:

Provider Review/Plan Audit 
We help you weigh and prioritize retirement program features and benchmark your provider.

Plan Design
We assist in reviewing your current plan design and can offer suggestions on how to potentially maximize your plan's benefits.

Investment Consulting
We offer qualitative and quantitative reviews of investments using a documented process to reduce fiduciary liability.

Employee Education
We develop a customized education program that provides investment guidance to plan participants.