DST offers fully bundled in-house retirement plans, or we can work with a Third Party Administrator (TPA) of your choice for more customized plan design options to fit the needs of you and your employees. Business owners don't want to spend a lot of time reviewing and doing administrative tasks on their retirement plans. They have a business to run. So we offer tools, templates and expert administrators to help.
Five unique plans to fit the varying needs of small business owners. Explore and compare our plan options. Plan Sponsors are able to choose from over 150 mutual funds from multiple fund families. Prototype plan documents and simple web tools help you select the perfect fit for your business needs.
The Safe Harbor Choice 401(k) plan is a plan that provides your participants a fully vested matching contribution to those who make payroll contributions (dollar for dollar of at least 4%, to a maximum of 6% of compensation). This type of plan requires a mandatory employer contribution, allows profit sharing contributions, and participants are immediately 100% vested in the amounts they contribute.
The Traditional Choice 401(k) plan differs from a Safe Harbor Choice 401(k) plan as the employer has the discretion to choose if they wish to match contributions (vs. being mandatory). Under this type of plan ADP/ACP testing is required. All other plan provisions are the same as the Safe Harbor Choice 401(k) Plan.
Both Safe Harbor Choice and Traditional Choice can be upgraded to a "Plus" option. The provisions are the same as the standard Choice plan chosen, but include following additional features:
The Owner Only Choice 401(k) plan is a pretax and Roth after-tax payroll investment plan that allows fully vested employee payroll contributions. All contributions include mandatory employer matching "Safe Harbor" contributions (dollar for dollar of at least 4%, to a maximum of 6% of compensation) and any discretionary profit sharing contributions.
The following business types are eligible for this program:
| Safe Harbor Choice | Safe Harbor Choice Plus | Traditional Choice | Traditional Choice Plus | Owner Only | |
|---|---|---|---|---|---|
| Required Employer Contribution | Yes | Yes | Only in Top Heavy years | Only in Top Heavy years | Yes |
| Compliance Testing Required | Only when profit sharing is deposited | Only when profit sharing is deposited | Every year | Every year | No |
| Pro-rata Profit Sharing | Optional | Optional | Optional | Optional | Optional |
| Integrated Profit Sharing | Not available | Optional | Not available | Optional | N/A |
| Vesting Schedule | 100% | Optional 100%, 6 year graded, 3 year cliff | 100% | Optional 100%, 6 year graded, 3 year cliff | 100% |
| Compensation Used for Employer Contribution | Full plan year | Optional compensation while a participant | Full plan year | Optional compensation while a participant | Full plan year |
When you need a more complex plan design, Prime Plan Solutions works with a TPA to integrate our Plan Sponsor and Participant services with the administrative services they provide. A TPA can provide you with custom plan design, compliance testing and required government filings and on-going plan administration services.
Simple tools and templates for business owners to manage their day-to-day retirement plan responsibilities.
24/7 access to accounts, easy to use investment website, enrollment and education materials to help participants achieve retirement success.
The opportunity to participate in a payroll deduction, defined contribution retirement plan is often the best chance for your employees to achieve a successful retirement. We offer "easy to get started" enrollment materials and forms and ongoing educational communications to help participants make the best savings and investment choices for themselves.
A comprehensive set of fund choices are available to match the need of any business. Over 20 of the best investment managers in the world with more than 150 mutual funds covering all the important categories required to build a diversified portfolio are available. You can choose from a long list of professionally managed asset allocation funds that make it easy for you.