According to a recent study by Guardian Retirement Solutions, employees rank 401(k) plans among the most appreciated work-related benefits. A well-designed 401(k) plan can help your company attract employees and remain competitive in the industry.
But, operating a 401(k) plan takes planning and ongoing maintenance. There are many elements to consider:
- Plan participation
- Contributions
- Vesting
- Nondiscrimination rules
- Investing of the 401(k) fund
- Disclosure of plan information to participants
- Reporting to government agencies and distribution of plan benefits
As a business owner, your time is better spent focused on increasing sales and servicing your clients' needs, not managing employee benefits. This is where financial professionals can help.
Did you know that reviewing your plan provider is a part of your fiduciary responsibility? But, you don't have to go it alone. Someone who specializes in helping small to mid-sized businesses manage their retirement plans can evaluate your plan and explore potentially better options with you, including enhanced benefits or lower fees. The goal is to build the most effective plan based on your and your employees’ needs.
If you’d like to discuss your options with someone who specializes in this arena, contact us today.