An exclusive benefit available to IFAI members.
By participating in the Textile Industry Retirement Plan, you can provide your employees with a 401K plan that saves money and saves your time in administering it.
- No individual annual plan audit
- No individual Form 5500 reporting
- Competitive pricing and cost savings on investments
- Flexibility including Safe Harbor and Roth
- Customizable 401(k) plan design including eligibility, matches and vesting schedules
How does it work?
The Textile Industry Retirement Plan would act as one large plan and is treated as such from a government reporting perspective. It has a suite of competitive investment options, provides employee education, and most of the administrative duties would fall to the plan saving your business valuable time and resources.
Combined together, IFAI’s numerous members have real buying strength. The Textile Industry Retirement Plan is able to leverage that strength so members benefit from these economies of scale to avoid administrative burdens and expense that may be associated with a standalone plan.
We do the paperwork.
The administrative tasks are handle by Transamerica, our partner in the Textile Industry Retirement Plan. These tasks can be offloaded to the plan:
- Employee eligibility tracking
- Distribution processing
- Nondiscrimination testing
- Annual reporting, including plan audit
- Education and enrollment
Interested in an evaluation of your plan?
Have your current plan evaluated at no cost, by contacting:
Zachary Allyn, Regional Vice President, Retirement Plans