If you are a small business owner, then you know all about how providing competitive benefits like low cost 401k programs can be very difficult. 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.
A safe harbor 401k plan may be perfect for any small business that would like to provide their employees with a viable retirement benefit at a price that the business can afford. Unlike ordinary 401k plans, safe harbor 401k plans are low cost retirement plans that are not subject to industry testing. It is this fact that makes safe harbor 401k plans easier to manage for many small businesses.
Safe harbor 401k plans are also perfect for small business employees who are approaching retirement age. An employee who is close to reaching retirement age can save as much of their income as they wish in a safe harbor 401k plan. And their employer is required to contribute 100% matching funds ups to the first 3% and 50% on the next 3%.
Smart Tips For Finding Resources
Many of you may be wondering exactly how an employer will benefit from providing 401k plans for their staff? 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. Many small companies have had a lot of trouble keeping employees because they have not been able to compete in the area of providing benefits for their staff like larger firms always could. By implementing a safe harbor 401k plan for your company, you will be able to offer a retirement benefit that can compete with those being offered by larger firms.
What I Can Teach You About Funds
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. The best way to begin is to perform a search using your favorite search engine for the best 401k plans available for small business or a 3(38) fiduciary manager in your local area.