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Can I offer a 401(k) plan to my employees in Idaho? What are the requirements?

Based on the provided documents, here is the response to your query:

Offering a 401(k) Plan in Idaho

Yes, you can offer a 401(k) plan to your employees in Idaho. The Public Employee Retirement System of Idaho (PERSI) offers a Choice 401(k) Plan [1]([2]:)[2]. Additionally, you can establish a supplemental 401(k) plan under the qualified requirements of section 401 [4].

Requirements for Offering a 401(k) Plan in Idaho

The requirements for offering a 401(k) plan in Idaho may vary depending on the plan you choose to offer. For the PERSI Choice 401(k) Plan, PERSI contracts with Empower to provide recordkeeping services for your Choice 401(k) Plan account. This includes individual counseling and assistance for participants [1]([2]:). For establishing a supplemental 401(k) plan, you may need to comply with the qualified requirements of section 401 [4].

It is recommended that you consult with a financial advisor or a legal professional to ensure that you meet all the necessary requirements for offering a 401(k) plan in Idaho.

Note that this response is based solely on the provided documents and may not be exhaustive. If you require more detailed information, it is recommended that you consult with a financial advisor or a legal professional.

[4]:

Source(s):
Jurisdiction

Idaho