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.
We also pulled information from provider websites & documentation to create the small business 401(k) provider comparison chart above.
Our aim by assembling this information is to make it quicker and easier for you to learn who the best 401(k) providers for your small business might be.
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 – .Based out of San Francisco, CA, we’re an independent 401(k) technology company aiming to make Fortune 500-level retirement benefits more accessible by making them simpler, easier, and cheaper for small businesses.Founded in 2012 by the same team that helped build Financial Engines, the largest registered investment advisor in the country, we serve over 350 small businesses nationwide and help more than 37,000 plan participants save for a comfortable retirement.* But enough about who we are.If your plan fails this testing, you’ll need to refund contributions to your high-earning employees (often business owners or executives), effectively preventing them from maxing out their contributions.To avoid these failures, you’ll need a provider that maximizes participation and employee contributions.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.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.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.