Offering a retirement plan program to your employee’s is essential to your overall benefits program. For restaurants there are some unique issues that you face due to typical high turnover, younger age demographic, lower wages and part-time status. It was pretty standard to be able to exclude these employee’s if they worked less than one …
In order to stay competitive in the restaurant industry, many companies offer 401(k)s to their employees as an incentive. Due to the nature of the industry, there are some important factors to consider in order to avoid errors or issues with the Department of Labor (DOL). Below are necessary considerations to help restaurants administer more …
Creating the right compensation and benefit strategy can be one of the most critical steps to ensuring any businesses lasting success. In fact, in many cases the achievement of any business can often be determined by the strength of its key employees. A key employee plays a massive role in the organization and keeping those …
In order to remain competitive in the industry and retain quality employees, many restaurant companies choose to offer a 401(k) plan. While this is one of the greatest benefits you can offer your employees, it is important to consider the costs and other implications associated with this. Are we required to have an external audit …
Many restaurant companies offer, or plan to offer, a 401(k) option to employees as a retention tool and as a way to remain a competitive employer in the industry. Administering your 401(k) plan can be quite tedious and allows many opportunities to make inadvertent errors which can create havoc with the Department of Labor (DOL) …
Year-end compliance tasks are in full swing for employee benefit plans and most likely your company has a 401(k) plan. The administration of 401(k) plans for restaurants can be very tedious and it is easy to overlook or miss an annual deadline or test to be performed. Below is a list of common issues surrounding …