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Archived News Release — Caution: Information may be out of date.
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Release Date: 02/20/2004
Release Number: 04-167-NAT
Contact Name: Sharon Morrissey
Phone Number: 202.693.8664
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Washington, DC - The U.S. Department of Labor’s
Employee Benefits Security Administration (EBSA) and the Internal Revenue
Service (IRS) today released a new booklet, “401(k) Plans for Small
Businesses,” as part of an ongoing effort to provide compliance
assistance to small employers on retirement plan issues. The booklet
provides a comprehensive overview of this popular retirement savings
option and what is involved in starting and operating a 401(k). |
The
publication is designed to help small employers and plan officials better
understand the important role they play in ensuring the security of their
plan and their responsibilities under the Employee Retirement Income
Security Act (ERISA). It also highlights some of the choices
small-business owners have in establishing a 401(k) plan, including the
type of plan to offer. The publication describes the three types of 401(k)
plan designs currently available – traditional, safe harbor or SIMPLE
401(k) plans – and discusses the features and advantages of each. |
“It
is crucial that we encourage small businesses to provide these valuable
benefits to workers,” said Ann L. Combs, Assistant Secretary of Labor.
“This publication draws a clear road map for employers who want to
provide a plan, but need some friendly directions along the way.”The new
guide, “401(k) Plans for Small Businesses,” is available from EBSA’s
toll-free number at 1.866.444.EBSA (3272) and can be viewed on both the
DOL and IRS Web sites at www.dol.gov/ebsa (under publications) and
www.irs.gov/ep . |
U.S.
Labor Department releases are accessible on the Internet at www.dol.gov.
The information in this news release will be made available in alternate
format upon request (large print, Braille, audio tape or disc) from the
COAST office. Please specify which news release when placing your request
at 202.693.7765 or TTY 202.693.7755. The U.S. Department of Labor is
committed to providing America's employers and employees with easy access
to understandable information on how to comply with its laws and
regulations. For more information, please visit www.dol.gov/compliance. |
Archived News Release — Caution: Information may be out of date.
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