Choosing a 401k Provider for Your Small Business

Choosing the right 401k provider for your small business is a very important decision. If you own a small business, you have several options for your 401k plan administrator. If you make the wrong decision, it could cost you and your employees more money than you would like to spend.

Fees

The first thing that you need to look at is the fees that charged. 401k plan administrators differ greatly in the fees that they charge. Some companies charge money to move your funds around, they charge for inactivity and they charge fees just to run everything. Depending on how much the fees are, this can add up quickly. You will want to compare providers to make sure that you get the best deal on fees. 

Investment Options

Other important factors to consider are the available investment options from your provider. Many 401ks are very limited in what you can invest in. More options mean more opportunities for your employees and yourself. With more investment options, your employees will be happier. When your employees are happier with their retirement funds, they will be more likely to stay with you for the long term.

blog comments powered by Disqus