401(k) Plan Consulting for Businesses
A 401(k) That Strengthens Your Company
Why a Well-Designed 401(k) Matters
A 401(k) plan is often the cornerstone of an employer’s benefits package, giving employees a simple, tax-advantaged way to save for retirement while helping businesses stay competitive. In industries like tech, government contracting, and professional services, offering a strong 401(k) with matching contributions can be the deciding factor for top talent. A well-structured 401(k) also provides meaningful tax advantages for employers through deductible contributions and plan designs that benefit both owners and staff. IFG helps employers build plans that balance compliance, employee engagement, and long-term value. Whether you’re starting fresh or upgrading an outdated plan, our team brings clarity and confidence to every step.
Plan Setup & Vendor Selection
Creating a 401(k) Program Tailored to Your Goals
IFG guides employers through selecting the right 401(k) platform, record-keeper, and custodial provider to build a plan that’s efficient, transparent, and aligned with your budget. We help you choose between plan design features such as traditional or Roth 401(k) options, Safe Harbor structures to simplify compliance, eligibility rules, and vesting schedules that fit your workforce. Our team manages the documentation and IRS requirements involved in establishing the plan, ensuring nothing is overlooked and your program launches smoothly.
Investment Menu Design
Fiduciary Oversight for a High-Quality Investment Lineup
As fiduciary advisors, we help create and monitor a diversified menu of investment options—including target-date funds, index funds, stable value products, and institutional-quality offerings. Our process ensures employees have access to balanced, low-cost funds while protecting employers from the risks of underperforming or high-fee choices. We review the lineup regularly, make proactive recommendations, and keep your plan aligned with industry benchmarks, helping you uphold your fiduciary responsibilities with confidence.
Ongoing Administration & Support
Day-to-Day Management That Keeps Your Plan Running Smoothly
A successful 401(k) requires consistent oversight, and IFG helps streamline the administrative workload that often overwhelms HR teams. We coordinate payroll integrations, oversee annual nondiscrimination testing, prepare required notices, and guide you through filings such as Form 5500. When needed, we partner with third-party administrators (TPAs) to manage loans, withdrawals, rollovers, and complex inquiries.
Key administrative support includes:
- Testing & Compliance: Nondiscrimination testing, Safe Harbor guidance, and corrective actions when necessary.
- Employee Onboarding: Clear enrollment processes, eligibility reviews, and support for new hires.
- Documentation Updates: Ensuring plan documents stay current with law changes, including SECURE 2.0 updates.
- With IFG managing the moving pieces, you reduce errors, protect your business from compliance issues, and give employees a benefit they can rely on.
Employee Engagement & Education
Helping Your Team Maximize Their Retirement Savings
Education is central to a successful 401(k), and we provide ongoing support that helps employees understand their options and take meaningful action. IFG leads enrollment meetings, creates accessible educational resources, and holds on-site or virtual workshops covering contributions, investment basics, and Roth vs. traditional 401(k) strategies. We also encourage plan features like auto-enrollment or auto-escalation when appropriate, which significantly improve participation rates. An educated workforce makes better financial decisions, ultimately increasing appreciation for your company’s investment in their future.
Frequently Asked Questions
Answers to Common Questions About 401(k) Plans
What does IFG do to help a business start a 401(k) plan?
We assist with every step—from evaluating your goals to selecting a platform provider, customizing plan design, and completing all required IRS documentation. Our team ensures your plan launches smoothly, complies with regulations, and aligns with your organization’s budget and workforce needs. We also help integrate payroll systems for seamless contribution processing. By providing structure and guidance early on, we set your plan up for long-term success.
How does IFG help manage ongoing 401(k) administration?
We coordinate day-to-day tasks such as payroll contributions, participant updates, required notices, and annual nondiscrimination testing. Our team monitors deadlines, ensures filings like Form 5500 are completed, and supports any required audits for larger plans. We also troubleshoot issues quickly, preventing administrative errors from impacting your employees. This level of oversight reduces your workload and keeps the plan compliant year-round.
What is IFG’s fiduciary role in a 401(k) plan?
As a 3(21) fiduciary advisor, we share responsibility for monitoring investments and providing advice that aligns with ERISA standards. This helps protect plan sponsors from liability related to fund selection and oversight. For employers seeking even more support, we can introduce 3(38) discretionary investment managers who take full responsibility for the investment lineup. Our involvement ensures decisions are objective, well-documented, and built around your employees’ best interests.
How does a 401(k) help with attracting and retaining employees?
Employees value benefits that enhance their long-term financial security, and a strong 401(k) is often a top priority when evaluating job opportunities. Offering features like matching contributions, Roth options, and user-friendly investment choices helps demonstrate your commitment to your team. A well-run plan contributes to morale, loyalty, and reduced turnover, particularly in competitive industries. Businesses that invest in employee retirement often see stronger engagement overall.
Does IFG help employees understand how to use the plan?
Yes—our advisors provide ongoing education through enrollment meetings, one-on-one guidance, and workshops that explain saving strategies, investment basics, and how to plan for retirement. We tailor sessions to your workforce to ensure the content is relatable and actionable. Our goal is to help every employee make informed decisions that strengthen their future financial security. When employees understand their benefits, participation increases and your investment in the plan becomes far more valuable.