Big (401(k) Retirement) Plans for Small Companies

November 4, 2015
1 min read
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You’ve probably noticed, retirement providers for small business are the hot thing in town right now. As a certain New York Times article recently pointed out, “401(k) plans tend to be too costly for companies with less than $10 million in plan assets.” There’s clearly a market for low-cost, easy-to-use 401(k)s for small businesses, but a few providers definitely stand out.

Bankrate recently posted an article examining a couple of these standout providers, and ForUsAll was among them. Some of the highlights include:

  • Employees can save more through a 401(k): “The advantage of a 401(k) […] are higher pretax contribution limits than what IRAs or SEP-IRAs allow, more flexibility if the employer wants to contribute and, typically, employees can borrow from their plans. IRA participants can’t.”
  • Employers needn’t worry about the legal liability generally associated with their 401(k) plan anymore: “One of the big advantages of working with either of these companies is that they assume the fiduciary responsibilities. They — not employers — agree to put the savers’ best interests first. If something goes wrong, they have to deal with legal repercussions.”
  • Everything’s automatic: “These firms work with the vendors that manage payroll. This cooperative effort allows your savings to be automatically deducted from your pay.”

In other words, suggest these options to your employer and urge them to check them out.

To see the full article, visit Bankrate’s Retirement blog.

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Go beyond a basic 401(k)

Give your employees more than just a 401(k), join the movement.

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This material has been prepared for informational and educational purposes only and should not be construed as a recommendation by ForUsAll, Inc., its affiliates or employees (collectively, “ForUsAll”)  to activate a cryptocurrency window or invest in crypto.  Investing in crypto can be risky and investors must be able to afford to lose their entire investment.  You should consult with your own advisers before activating a cryptocurrency window or investing in crypto.  ForUsAll does not provide legal, tax, or accounting advice. Please refer to your Plan's fee disclosure for more details.© 2023 ForUsAll, Inc. All rights reserved.
1 Schwab 2022 401(k) Participant Study - Gen Z/Millenial Focus, October 2022.
2 As of 12/31/2022. Employees include both current employees and terminated participants with a balance.
3 "Morgan Stanley At Work: The Value of a Financial Advisor" Morgan Stanley, March 2022.
4 Sarah Britton was a client when she provided this testimonial through an independent third party review website. She received no compensation for her remarks. There are no known conflicts of interest in the provision of her comments related to the services provided.