Since failure to comply with the regulations pertaining to 401(k) administration can lead to significant financial penalties, business leaders need to familiarize themselves with the new retirement plan rules starting with 2023.
Employers with remote workers in various states will have to consider the laws of each state where they have an employee.
For the annual review, an investment policy statement is highly recommended, which outlines general rules for the manager, provides the general investment goals and objectives and describes the strategies to employ.
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