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For your 401(k) to be a truly powerful benefit and competitive advantage in the war for talent, it’ll need to offer a truly exceptional experience for you and your employees.To do this, you’ll want a provider that helps with the following: High Participation & Savings Rates: every year, the IRS requires your retirement benefit plan to undergo compliance testing to ensure that the benefits of the plan are being enjoyed by everyone – .
Full disclosure: with 16 mentions in the media and several reviews across the web, we (For Us All) are one of the 6 small business 401(k) providers in the list.
We included information about our company and what makes our solution different, and for the other providers, we compiled their media mentions and user reviews from across the internet.
And traditionally, small business owners and their employees have gotten the short end of the stick. A new breed of small business 401(k) providers has emerged, using technology to offer easy-to-use, low-cost 401(k)s.
According to a study by Bright Scope, the average small business pays 401(k) fees that are 5x higher than their Fortune 500 counterparts. Focused on the unique needs of the small business market, these 401(k) providers strive to make high-quality, low-cost retirement plans accessible to all – not just Fortune 500 companies.
By the end of this post, you’ll be well on your way to choosing the best 401(k) provider for you small business. The truth is, 401(k) fees can have a dent in how much small business owners and their employees have in their accounts come retirement, so you’ll want to be sure to go with a low-cost 401(k) provider.
Newsflash: small businesses don’t have a lot of time to spend running a 401(k). They take of work to run properly, keep compliant with government regulations, and avoid costly audits.But in addition to investment advice and other 401(k)-related services, your provider should also help out with other personal finance matters as well, as these can have an impact on your employees’ workplace productivity and the success of your retirement plan.Okay, now that we’ve laid out the evaluation criteria for small business 401(k) providers, let’s take a look at the top providers mentioned most often by the media to see how they stack up.Financial Wellness: according to a recent study by Gallup, 59% of Americans are worried that they won’t have enough saved for retirement, making it the number one financial concern faced by Americans today.So at a minimum, your 401(k) provider should give your plan participants the support needed to feel like their retirement savings are on track.To start, we’ll tell you a little bit about who we are.We’re For Us All – a group of financial innovators and technologists on a mission to fix retirement in America.So, the all-important question: who are the best 401(k) providers for small business? We’ve done the legwork for you, assembling countless hours of research, reviews, and expert opinions into a simple, easy-to-digest guide. Click on these links to jump straight to a specific section.You’ll get side-by-side comparisons of 6 small business 401(k) providers that are frequently reviewed or mentioned by the media. Before we get into the 401(k) provider comparisons, it helps to understand: what makes a good small business 401(k) provider? We’ve broken this down below: Price is normally the first thing people consider when making a big purchase, and 401(k)s are no exception.So when choosing a 401(k) provider for your small business, you’ll want to go with one that takes all that complex, tedious administrative work off your plate.Better yet, they should act as both 3(16) and 3(38) fiduciaries – or, to put that in plain English, they should take for plan administration, AND building & optimizing your investment fund lineup.