(1) PEP Balance Forward
This option mirrors your current program and reassigns it into the QES PEP. Chose this option if your priority is little change and maximum cost- and time-savings.
• Locks in your annual program rate
• Allows you to avoid ERISA Fidelity bond costs and avoid future annual audit requirements
• Does not offer new contributions or daily investing with mutual funds for participants.
PEP Daily Val
This option reassigns your plan into the QES PEP and adds daily investing with mutual funds. Chose this option if your priority is to grow your retirement savings alongside your business, with the option for corporate and individual tax deductions through retirement contributions.
Either Daily Val option also lock in your annual program rate and allows you to avoid ERISA Fidelity bond costs and avoid future annual audit requirements. See attached fund lineup.
(2a) Safe Harbor
Annual program rate is $1,500 and requires a 4% safe harbor match to all eligible participants. Can make Pretax or Roth Deferrals up to IRS annual limits, regardless of owner or highly compensated status.
Annual program rate is $1,800 and has no required employer contribution. Can make Pretax or Roth Deferrals up to IRS annual limits, regardless of owner or highly compensated status, as well as employer contributions at your discretion.
(3) Single Employer Plan (No PEP)
This is your current program. Restating with this option will only satisfy the 2022 IRS Cycle 3 Document Restatement and does not offer contributions or investing.
Only guarantees your annual program rate for the remainder of 2022. After the IRS reports the 2023 Cost of Living Adjustments (COLAs), single employer plans will be subject to increase in 2023.