Steps for Establishing a 401(k) Plan with Wellington

Are you delaying establishing a retirement plan because just the thought of it is overwhelming? If you’re setting up a plan at Wellington then you have nothing to worry about. Your Wellington representatives will work hard so you don’t have to.

Here’s a brief outline of the general steps involved in the setup process:

Rollover Options 1Plan Questionnaire
(Estimated completion time: 10 minutes)

a) The Plan Questionnaire is a quick way for you to provide us with the basic information regarding your company and the type of plan you would like to establish. Wellington uses the information provided in the Questionnaire to complete the initial documents & applications for your plan.

Rollover Options 1Schwab/Wellington “Signup Kit” and Plan Transfer Notice
(Estimated completion time: 10 minutes)

a) The Signup Kit will be provided to you signature-ready, which makes completing the Kit as easy as possible. Highlighted areas requiring attention, and an outline of those areas, will be provided for your convenience.

Rollover Options 1
Draft & Finalize Plan Documents
(Estimated completion time: 5 minutes)

a) Using the Plan Questionnaire provided in Step 1, Wellington will draft your plan documents and make recommendations along the way (e.g. a longer vesting schedule, stricter eligibility, or other provisions). After a quick review, we’ll make any necessary changes and finalize your documents.

Rollover Options 1Collect Employee Enrollment Forms
(Estimated completion time: 20 minutes – dependant on number of

a) Wellington will provide you with an enrollment website which you can direct employees to. Once on the website, they will download and complete the Enrollment Forms Kit. We can also provide hardcopy enrollment folders, if you prefer. Once you have collected the enrollment forms, simply update your payroll records to reflect the salary deferral amounts that employees have elected and send the forms to Wellington through your preferred delivery method (scan/email, fax, mail, or upload to our secure website).

Rollover Options 1Submit Contributions

a) At this point, the documents are created, the participant forms have been collected, and you’re ready to begin submitting contributions. This process can take just minutes per pay period.

So, that’s it! Wellington takes on the majority of the work for you. And if any questions or concerns come up along the way, we’re always here to help.