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  1. saveday
  2. Employer Frequently Asked Questions

Employer Frequently Asked Questions

Account Set Up

  • Updates to our Benefits and Pricing
  • What happens after I sign my plan documents?

Profit Sharing

  • Benefits of profit sharing contributions

Compliance

  • My plan failed the ADP compliance test. How and when are corrections made?
  • When should I run my first payroll after implementing 401(k)?
  • Why is compliance testing necessary?
  • Compliance testing: what plan sponsors need to know
  • What is Form 5500?
  • Why do relationships in Controlled and Affiliated Groups matter?

Safe Harbor Plans

  • My plan has Safe Harbor status. Can I change my employer contribution mid-year? Can I add a Safe Harbor feature to my plan mid-year?
  • Safe Harbor deadlines - existing plans
  • Safe Harbor deadlines - new plans

Automatic Enrollment

  • The advantages of automatic enrollment
  • The downsides of automatic enrollment

Employer Matches

  • What is a true-up?
  • Different kinds of employer matches

Contribution Limits

  • What is the Annual Additions Limit? (Max contribution (employer + employee) you could make)
  • What is the Annual Compensation Limit?

Employee Eligibility

  • Why are some of my employees ineligible?

Plan Transfer

  • What are the steps to transfer or merge the saveday plan to another 401(k) provider?

Plan Termination

  • What are the steps to terminate a saveday 401(k) plan?
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