We have a bit of a strange scenario in that we have some contractors that we really treat like employees (full-time, salary, vacation, etc). We are starting 401k matching and don't want to leave them out.
My thought is that we have them handle the account side (to avoid being involved in giving financial advice), then they can send us evidence of their contributions and we will reimburse half, up to the matching amount. We do this already for other contractor benefits like cell phones and medical.
Am I missing anything here? Is there an easier/better way, or any pitfalls I am not considering? I couldn't find much in the way of resources since I don't think this comes up too often.
Thanks in advance for any input!
Hannah
My thought is that we have them handle the account side (to avoid being involved in giving financial advice), then they can send us evidence of their contributions and we will reimburse half, up to the matching amount. We do this already for other contractor benefits like cell phones and medical.
Am I missing anything here? Is there an easier/better way, or any pitfalls I am not considering? I couldn't find much in the way of resources since I don't think this comes up too often.
Thanks in advance for any input!
Hannah
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