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

Offering a 401(k) Plan to Employees in Wisconsin

Yes, as an employer in Wisconsin, you can offer a 401(k) plan to your employees. However, there are certain requirements that you must meet to establish and maintain a 401(k) plan.

Requirements for Establishing a 401(k) Plan

To establish a 401(k) plan in Wisconsin, you must:

  • Choose a plan administrator and trustee to manage the plan [2].
  • Adopt a written plan document that complies with the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) [2].
  • Provide employees with information about the plan, including eligibility requirements, contribution limits, and investment options [2].

Requirements for Maintaining a 401(k) Plan

Once you have established a 401(k) plan, you must:

  • Make sure the plan complies with all applicable laws and regulations [2].
  • Monitor the plan’s investments and fees to ensure they are reasonable [2].
  • Provide employees with regular updates about the plan’s performance and any changes to the plan [2].

Conclusion

As an employer in Wisconsin, you can offer a 401(k) plan to your employees, but you must meet certain requirements to establish and maintain the plan. It is important to consult with a qualified financial advisor or attorney to ensure that your plan complies with all applicable laws and regulations.

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Source(s):
Jurisdiction

Wisconsin