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401K Services: Quick Tips

As an employer, you should always have your employees’ best interests at heart. Providing them with a reliable 401 k service provider can support them and give them the best options for their retirement plan.

Small and medium-sized business owners should have a clear understanding of what the 401(k) plan involves before deciding on a provider to handle your employees’ finances.

Because a portion of his or her monthly paycheck has been automatically held in a tax-deferred account, their 401(k) consists of their hard earned money and should be handled correctly.

Though employees generally have options regarding where they can invest their 401(k) funds (in stock or bond mutual funds, money markets, or company stock), restrictions are still imposed regarding when an employee can withdraw money from their 401(k).

Start by checking out our hand-picked payroll service vendors, first.

Employer Responsibility

The 401(k) service provider is selected by the employer, so it is important that you research the different plan providers available. If your small business doesn’t do it’s research, you run the risk of paying high administrative fees and having unhappy employees.

If retirement holdings drastically decrease in value as a result of trading losses, lawsuits can be brought against 401(k) service providers. As an employer that is somewhat responsible for the wellbeing of its employees, you want to be sure you are choosing the right 401(k) provider that will keep close track of your employees’ assets. 

It can seem a bit overwhelming at first, seeing as there are many different plan providers out there, but asking the right questions will help ensure that you are choosing the right service provider for your company.

Choosing a Provider

Employers generally meet with a 401 k provider to discuss the plan, providing them with the opportunity to ask questions. A good provider will be able to provide you with the answers to the following questions and even give extra information.

  • What type of plans do you offer, and are there any restrictions on them?
  • How much experience do you have dealing with 401(k) and how many investment funds do you have available?
  • What level of recordkeeping, administration, training, investment advice, online services, and compliance testing do you provide?

Deciding on a Plan for Your Business

There are many new retirement plans available specifically geared toward small businesses. These 401k plans are affordable and relatively easy to set-up and navigate. When deciding on the best plan for your business to offer, you should consider what’s important for you and your employees.

  • How many employees do you have, and how many will be participating in the plan? Will you be participating along with your employees?
  • Are there any specific tax issues that should be assessed?
  • Do you plan on matching your employees’ contributions?

Hiring a quality 401(k) service provider give you the opportunity to provide the best for your employees. As an employer, you should have a clear understanding of the ins and outs of the retirement plan you are providing, and you should be sure to find the plan most suitable for your business.

If you’re interested in 401k plans, you may also want to see payroll software vendors and tax reporting.