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

Based on the documents provided, Kentucky state law does not require employers to offer a 401(k) plan to their employees. However, employers can choose to offer a 401(k) plan as a benefit to their employees.

To offer a 401(k) plan, employers must comply with the requirements set forth by the Internal Revenue Service (IRS). These requirements include, but are not limited to, ensuring that the plan is offered to all eligible employees, making contributions to the plan on behalf of employees, and adhering to contribution limits.

It is recommended that employers consult with a financial advisor or a retirement plan specialist to ensure that they are meeting all of the necessary requirements for offering a 401(k) plan to their employees.

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Source(s):

• [1] Employee Handbook
• [4] FAQs about Retirement Plans and ERISA

Jurisdiction

Kentucky

• Labor