Compensation and Benefits
DOL's Pension Welfare Benefits Administration's
Small Business Retirement Savings Programs Advisor
The Department of Labor recently unveiled an interactive, informative, and user-friendly
site for employers and employees alike. The
Pension and Welfare Benefits Administration (PWBA)
has developed an Advisor that provides educational support for workers and employers on
retirement savings programs. It's part of the DOL's effort to provide compliance assistance
tools for employees and employers through information technology. The Advisor allows
employers to compare and identify retirement plans that would best suit their company's needs.
While the site is intended for small business, there is also useful information
for larger employers on 401k and defined benefit plans.
Topics available include:
-
Savings program comparison chart:
describes all the available retirement programs and key selling points of each.
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Required IRS forms:
reviews the necessary reporting requirement forms for retirement savings programs.
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Short quiz:
helps to determine if a retirement savings program is right for you and your company.
-
Employee/Employer Advisor:
educates those interested in learning more about retirement savings plans through an
interactive short series of questions. Based on the answers to the questions, the
advisor provides a detailed comparison of practical options.
-
Glossary:
defines retirement benefit terms.
Overall, the site provides useful information for employees and employers
in an easy to read format. This is a great starting point for those
interested in implementing or reviewing a retirement savings program.
Related Material
Employer Retirement Plans
Internal Revenue Service: offers more detailed information about various savings programs.
