Your employees are going to want to have certain benefits from their job, or they are going to look for a job that offers them. One of the benefits that most employees are hoping to get is some sort of retirement plan for their future. This is something a lot of small businesses are afraid of offering because of the costs that are normally associated with doing so. But when you work with the best small business 401K providers, you are going to be able to offer your employees a retirement plan you can afford.
What is safe harbor 401k
? The reason that 401Ks have become so popular is because the money that goes towards them comes from pretax income. Plus, the money that is put into a 401K account is going to be invested in a portfolio and will grow with compound interest over time. The best small business 401K providers are going to offer plans that are meant to work with the budgets faced by small businesses. You will have a dedicated fiduciary manager that will make sure the assets your business is investing will grow substantially over time.
There are a couple of fees that you are going to be charged by the best small business 401K providers. There is a base fee each year that will cover up to your first 30 employees, with a small additional fee added on for each employee after that. Then there is an asset fee that is a small percentage of the
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plan assets in each year. The costs of these will not be substantial, but can help you retain employees.
There are several small business 401K providers that you can go through to offer your employees the 401K plan they want. You are going to want to make sure you compare the fees that each of the best small business 401K providers charges so you do not pay too much. At the same time you are going to want to make sure you have a provider that has a history of earning a high interest on assets.
Employees rely on their employers to offer them certain benefits. If you are not offering your employees the benefits they need, they are likely going to start looking for a job where they will get them. Working with the best small business 401K providers can help you retain your employees. Here’s some more readings for you: