401(k) Plans for Small Businesses: the DOL Provides Some Info

In a press release, the Department of Labor announced that the Employee Benefits Security Administration (EBSA) and the Internal Revenue Service (IRS) have 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. You can access an extended version of the booklet on the DOL’s website here. The booklet actually provides a well-organized summary of the different types of 401(k) plans available and how to establish one. There is also some very basic information on fiduciary duties under ERISA and how to fulfill those responsibilities and duties.