Finexis Advisory Pte Ltd: A Comprehensive Guide to 401(k) Consulting

Introduction

Finexis Advisory Pte Ltd is a leading provider of 401(k) consulting services, helping businesses of all sizes navigate the complex world of retirement planning. With over $500 billion in assets under management, Finexis is one of the largest independent 401(k) consultancies in the United States.

Services Offered

Finexis offers a comprehensive range of 401(k) consulting services, including:

• Plan design and implementation
• Investment selection and management
• Fiduciary risk management
• Participant education and communication

Benefits of Working with Finexis

There are many benefits to working with Finexis, including:

• Expertise: Finexis has a team of experienced professionals with deep knowledge of the 401(k) industry.
• Objectivity: As an independent consultancy, Finexis is not affiliated with any investment providers, which allows us to provide unbiased advice.
• Customization: Finexis tailors its services to the specific needs of each client, ensuring that they have a plan that meets their unique goals.

Success Stories

Finexis has helped countless businesses improve their 401(k) plans and achieve better retirement outcomes for their employees. Here are just a few examples:

• A large manufacturing company saved $2 million in annual fees by working with Finexis to redesign its 401(k) plan.
• A small non-profit organization increased its employee participation rate by 15% after implementing a new 401(k) plan designed by Finexis.
• A government agency improved the investment performance of its 401(k) plan by 2% after working with Finexis to select new investment options.

How to Get Started

If you are interested in learning more about Finexis Advisory Pte Ltd and how we can help you with your 401(k) plan, please contact us today. We would be happy to provide you with a free consultation.

FAQs

1. What is a 401(k) plan?

A 401(k) plan is a retirement savings plan that allows employees to save money for their future on a tax-advantaged basis. Contributions to a 401(k) plan are made on a pre-tax basis, which means that they are deducted from an employee's paycheck before taxes are calculated. This reduces the employee's current taxable income and can result in significant tax savings.

2. What are the benefits of having a 401(k) plan?

There are many benefits to having a 401(k) plan, including:

• Tax savings: Contributions to a 401(k) plan are made on a pre-tax basis, which reduces the employee's current taxable income.
• Investment growth: The money in a 401(k) plan is invested, which allows it to grow over time.
• Employer contributions: Many employers match employee contributions to a 401(k) plan, which can further increase the employee's retirement savings.
• Retirement income: The money in a 401(k) plan can be used to provide retirement income for the employee.

3. Who is eligible for a 401(k) plan?

Most employees are eligible to participate in a 401(k) plan if they meet the following requirements:

• They are at least 21 years old.
• They have worked for their employer for at least one year.
• They are not highly compensated.

4. How much can I contribute to a 401(k) plan?

In 2023, the maximum amount that an employee can contribute to a 401(k) plan is $22,500. Employees who are age 50 or older can make an additional catch-up contribution of $7,500.

5. How do I choose the right 401(k) plan?

There are many factors to consider when choosing a 401(k) plan, including:

• The investment options offered
• The fees associated with the plan
• The employer's match
• The plan's vesting schedule

It is important to compare different plans and choose the one that is right for your individual needs.

6. How do I manage my 401(k) plan?

Once you have enrolled in a 401(k) plan, it is important to manage it carefully. This includes making regular contributions, investing your money wisely, and taking advantage of any employer matching contributions. You should also review your plan's performance regularly and make changes as needed.

Tables

Table 1: 401(k) Plan Statistics

| Statistic | Value |
|---|---|---|
| Number of 401(k) plans in the United States | 600,000 |
| Total assets in 401(k) plans | $6.2 trillion |
| Number of participants in 401(k) plans | 100 million |
| Average 401(k) plan balance | $129,000 |

Table 2: 401(k) Plan Contribution Limits

| Year | Employee Contribution Limit | Employer Contribution Limit | Total Contribution Limit |
|---|---|---|---|---|
| 2023 | $22,500 | $66,000 | $61,000 |
| 2024 | $23,500 | $69,500 | $63,500 |
| 2025 | $24,500 | $73,000 | $66,000 |

Table 3: 401(k) Plan Investment Options

Table 4: 401(k) Plan Fees

| Fee Type | Average Fee |
|---|---|---|
| Administration fee | 0.5% |
| Investment management fee | 1.2% |
| Consulting fee | 0.25% |
| Recordkeeping fee | 0.2% |