Welcome to 401(k)ompass, a series of two-minute videos to help you manage your 401(k) more effectively by addressing current issues and challenges.
It’s bonus season—are you certain you’re withholding from bonuses correctly? In this episode, Lindsay Luketic talks about one of the most frequent areas where mistakes happen: a plan’s definition of compensation. Not withholding from the proper payroll sources, like bonuses, can lead to plan errors that might become costly if not addressed.
Don’t worry if this sounds familiar. Lindsay breaks down how these errors occur, why they matter and most importantly, how you can fix them before they snowball into bigger issues. A little attention now can save you significant time and money down the road.
Watch the two-minute video for practical guidance to help keep your retirement plan running smoothly and in compliance.
