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Can I offer a 401(k) plan to my employees in Arkansas? What are the requirements?
To offer a 401(k) plan to your employees in Arkansas, you must comply with both federal and state laws.
Federal Requirements
Under federal law, 401(k) plans must comply with the Employee Retirement Income Security Act (ERISA). ERISA sets standards for the administration of retirement plans, including 401(k) plans. ERISA requires that 401(k) plans be established and maintained for the exclusive benefit of plan participants and their beneficiaries.
State Requirements
Arkansas does not have any specific requirements for 401(k) plans. However, employers must comply with the Arkansas Minimum Wage Act and the Arkansas Payment of Wages Law.
Conclusion
To offer a 401(k) plan to your employees in Arkansas, you must comply with federal law and any applicable state laws. It is recommended that you consult with a qualified attorney or financial advisor to ensure compliance with all legal requirements.
[2]Source(s):
- [2] Plan Summary
Jurisdiction
Arkansas