Evon Mendrin
speaker
181 appearances
1 recordings
1 series
first heard Sep 2025
last heard 25 Sep
Evon Mendrin’s voice in public audio — every appearance, attributed to the second.
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You mentioned deciding on whether you do a match or something different.
And most often, again, going back to like basic programming or a lot of the onboarding sessions with a lot of these tech providers on the 401k side,
Most owners tend to skew towards picking a match with the understanding that it might be lower cost or incentivizes employees to also contribute.
There's a lot of good reasons to have a match.
But you mentioned that sometimes it may not make the most sense if the owner is going to be doing consistent profit sharing.
Can you talk about that?
What's the issue here?
Yeah, I mean, that is a great overview of this.
And very often, it's thought of the 3% non-elective contribution where you're depositing to everyone's accounts.
The business, I should say, is depositing regardless of whether employees contribute or not.
Very often, that's seen as the more expensive option, right?
Because you may have employees that aren't contributing or are not contributing 3%, and then you're still doing that.
However, as you mentioned, if your goal then is to consistently use profit sharing, that may be the lower cost option if your goal is to use that profit sharing contribution consistently.
And so that decision of we are going to use profit sharing off and on or just on a regular basis, we have the cash flow to do it.
That's an instant trigger to talk to your administrator and say, OK, which matching style or which contribution style on the safe harbor plan makes the most sense?
And I think that step is missed very often is just talking with the administrator or having an administrator to talk to you in the first place.
and figuring out, okay, I know I want to do profit sharing, which style of profit sharing makes the most sense, but also let's review this match and make sure that my safe harbor match or the 3% is the best fit for my practice knowing what I want to do.
Great, great overview.
Important for each listener to just review that for yourself to make sure that you're getting the most out of your 401k plan.
Ultimately, that's what this is all about based on what you're trying to use it for.
Showing 121–140 of 181 · page 7 of 10
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