401(k)/Retirement Services

401(k)/Retirement Services

Nazpay makes employer-sponsored retirement plans affordable for even the smallest businesses. Our full spectrum of retirement services provides benefits for both you and your employees. When you become a plan sponsor through Nazpay, we not only handle the administrative tasks but also provide essential tools to help you and your employees meet financial goals for a comfortable retirement. No matter what size your business, our payroll integration makes 401(k) deductions, money transfers, and recordkeeping simple, and provides a seamless flow of information between you, Nazpay and the investment provider.

Employer-provided retirement plans, such as a 401(k) plan, can help meet the financial goals of both you and your employees. Nazpay simplifies the paperwork and hassles associated with creating a 401(k) plan and will help design a plan to fit your needs. With Nazpay, employers have the flexibility of many vesting and matching options. Employer contributions are not mandatory and profit-sharing contributions are discretionary. Plus, our strategic alliance with leading investment providers offers you a wide variety of investment options, each offering multiple fund choices.

Benefits of a 401(k) retirement plan include:

  • 401(k) plans can be a key element in attracting and retaining current employees.

  • Plan expenses may be deducted on your company’s corporate tax return.

  • Employers have several options of matching and discretionary year-end contributions.

  • Matching contributions combined with a vesting schedule encourage employee participation and can be an incentive for employees to stay with the company.

  • Contributions are made with pretax dollars so participants’ taxable income is lowered and all plan earnings defer taxation until money is withdrawn.

  • A 401(k) plan with a safe harbor provision, which automatically satisfies certain nondiscrimination testing, can help highly compensated employees maximize their salary deferrals. This provision was established to help encourage participation and ease administration.

Your solution to Payroll

The Role of Nazpay

Nazpay handles the paperwork and administration associated with maintaining a 401(k) plan. As your 401(k) plan record-keeper, we do the following:

  • Provide required legal documents, including the corporate resolution, adoption agreement, and Summary
  • Plan Description
  • Prepare the annual federal Form 5500, as well as Forms 1099-R and 945 as required.
  • Provide quarterly management reports and participant statements.
  • Perform quarterly nondiscrimination testing.
  • Perform fund and data transfers to investment providers every pay period
  • Perform daily valuation of all account balances.
  • Provide employer enrollment support.
  • Process participant distributions for qualifying events such as termination, retirement or disability.
  • Model and administrate loans.