The Essentials of Options – The Basics

A Closer Look at 401k Plans for Small Business Small business owners certainly understand just how difficult it can be for a small business owner to offer their employees a competitive benefits package that includes a low cost 401k plan. Being able to provide loyal employees with a reliable 401k plan has been an unattainable dream for many small business owners. Understanding this, financial institutions have responded by offering reasonably priced, low cost 401k plans that offer both the small business owner and their employees a number of significant advantages. For most small businesses, a safe harbor 401k plan would be the best solution for the problem of providing small business employees with an affordable 401k benefit. For the employer, one of the advantages of a safe harbor 401k plan is the fact that they are not subject to Top Heavy and ADP/ACP testing. For this reason, safe harbor 401k plans are easier to manage than other types of 401k plans and is why they are quickly becoming the most popular 401k plan around. If you have employees who are quickly approaching retirement age, a safe harbor 401k plan may be perfect for you. Safe harbor 401k plans allow employees to contribute 100% of their earnings if they are so inclined. Their employer is then required to match their contribution at 100% for the first 3% of their earnings and then 50% for the next 3%.
Resources Tips for The Average Joe
You may be wondering how the employer ends up benefitting from providing their employees with a quality 401k plan? A viable 401k benefit will make your best employees think twice about leaving your company, especially if you offer a quality safe harbor 401k plan. Small businesses have had trouble retaining quality staff for many years because they could never match the benefits packages that quality staff could get from larger firms. With a safe harbor 401k plan, your company will be able to match the retirement packages of larger firms and thus be better able to retain qualified employees.
Overwhelmed by the Complexity of Resources? This May Help
If you are looking for the best 401k plans for your small business, the first thing you should do is contact a 3(38) fiduciary management service in your local area. When you take a moment to visit the website of a 3(38) investment management service, you will be able to find out everything that you need to know about safe harbor 401k plans and other forms of fiduciary management services. All you need to do to begin is perform a search engine search for the best safe harbor 401k plans or a 3(38) investment manager in your area.