What to Look for in a Small Business 401(k) Plan

As a small business owner, you want to choose the best possible retirement plan for your employees. However, the logistics can be overwhelming. Which plan is best for your staff? Is an employer match the right choice? What about a profit sharing contribution? How will you stay compliant?

This is where an experienced provider comes in. The right retirement plan will take the stress out of your benefits package, offering education and tools for your employees. Ready to shop around? Here are some qualities to look for when choosing a small business 401(k) provider.

A Focus on Small Businesses

Providers who specialize in retirement accounts for small and medium-sized businesses understand your unique needs. Small businesses aren’t corporations with massive HR departments. In reality, you or a small group of employees are managing employee benefits on top of other responsibilities. Pair that juggling act with employees seeking more personalized support, and it can be difficult to keep up.

A 401(k) provider specializing in small businesses will guide you through plan setup and simplify plan maintenance. That way, you can focus on everyday business tasks. They will also support you in choosing a plan that fits your budget. And in the future? Your company can adapt the plan as you grow–whether you have twenty employees or one.

Proven Experience

Experience matters when you’re trusting a provider with your valuable employee benefits. As you’re researching 401(k) providers who specialize in small businesses, consider how long the provider has been in business and whether they have metrics to back up their claims. A portfolio of small business clients shows an ability to manage a variety of retirement plans, as well as a pattern of customer retentio

Serving over 136,000 401(k) participants at over 8,300 companies, ePlan Services knows what it takes to support your team. Contact us today to see how we turn our decades of experience into trusted retirement solutions.

Attentive Client Support

Keeping your small business running is your top priority, so you likely have limited time to manage your company’s 401(k) plan. A retirement provider should give you the support and education you need to integrate with payroll, track contribution data, and onboard new employees. Look for companies with quick (and personable!) support and self-service tools, so you can get assistance in a snap.

Resources for Employees

Just as you want support when offering a retirement plan, your employees will need support maintaining their contributions and investments. Educational content and online tools are a must for today’s employees. With an overwhelming amount of information available online, plan participants want trustworthy knowledge at their fingertips. Choosing a 401(k) provider that offers these types of resources only adds more value to your employee benefits package.

Compliance Support

401(k) compliance is often intimidating for small business owners, but it shouldn’t hold you back from offering a quality retirement plan. Working with a provider that offers compliance support takes the stress out of compliance testing and management. This looks like:

• Online tools to help you prepare and file the Form 5500
• Online compliance testing with results available in minutes
• Communication to keep you on track with filing deadlines

Your 401(k) provider should also be available to answer your compliance questions any time of the year, so you can enjoy peace of mind and fulfill the annual 401(k) compliance requirements.

Stress-free Plan Maintenance

Small business owners deserve quick access to plan information. Work with a 401(k) plan provider that makes it easy to integrate retirement contributions with payroll and generate reports. Experienced providers should also provide plan change notifications, communications about regulatory changes, and alerts when you need to complete a task.

Retirement plans aren’t one-size-fits-all products. Providing quality benefits to your employees means finding a small business plan that offers personalized support and useful online tools. At ePlan Services, we have the experience and specialization required to be your go-to 401(k) provider. Contact us today for a free quote.