{"id":328,"date":"2023-10-26T14:08:33","date_gmt":"2023-10-26T14:08:33","guid":{"rendered":"http:\/\/eplapprw11.paychex.com\/blogtest\/?post_type=article&p=192"},"modified":"2023-10-26T14:08:33","modified_gmt":"2023-10-26T14:08:33","slug":"5-signs-its-time-to-switch-your-small-business-401k-provider","status":"publish","type":"article","link":"https:\/\/secure.eplanservices401k.com\/blog\/article\/5-signs-its-time-to-switch-your-small-business-401k-provider\/","title":{"rendered":"5 Signs It\u2019s Time to Switch Your Small Business\u2019 401(k) Provider"},"content":{"rendered":"

Hiring a 401(k) provider to manage and monitor your small business 401(k)<\/a> is a simple way to offer your employees top-notch retirement options while helping to keep the plan compliant. If you\u2019ve chosen to work with a plan provider, you\u2019re already moving in a positive direction.<\/p>\n

However, if your 401(k) provider is no longer meeting the needs of your business, it may be time to make a switch. These five signs will help you to determine if choosing a new small business 401(k) provider is the best decision for you.<\/p>\n

1. Difficult plan setup and maintenance<\/h2>\n

Quality 401(k) providers offer 401(k) plans that can be set up quickly and easily. The process can also include tools like an employee dashboard.<\/p>\n

Your provider should also ensure that they\u2019ve chosen the appropriate plan for your small business. If your current provider seems to require clunky or confusing plan maintenance that creates too many additional tasks for your plan administrator, it may be time to switch providers.<\/p>\n

2. No payroll integration<\/h2>\n

Payroll integration happens when an employer connects 401(k) benefits and data with their time, attendance, and record-keeping software. This keeps employee information and record-keeping streamlined for efficiency.<\/p>\n

Say goodbye to stress, manual management, and the risk of errors by choosing a 401(k) provider that offers payroll integration. To reduce the administrative burden, your 401(k) provider should also include record-keeping services that will make it simple to produce financial reports.<\/p>\n

3. A lack of support<\/h2>\n

Plan support is necessary to ensure that your company\u2019s 401(k) plan runs well. Participants will benefit as well by having the ability to get their questions answered whenever necessary. Some plan providers include onboarding, participant support, and technical support as part of the services they offer.<\/p>\n

If your current plan doesn\u2019t offer the type of support you need to help you and your employees understand the plan\u2019s features, you may want to consider switching your 401(k) provider.<\/p>\n

ePlan Services offers phone support from 7 a.m. to 5 p.m. MT, then 24\/7 access to Help Center articles on various topics.<\/p>\n

4. No fee transparency<\/h2>\n

Some plan providers charge hefty administrative fees. An employer searching for the right plan provider should take time each year to review the provider fees and assess whether the fee structure still works for their needs.<\/p>\n

Though plan providers are required to provide transparency through a document called the 408(b)(2), it\u2019s important to compare all your best pricing options before committing to a 401(k) plan provider.<\/p>\n

5. Missing compliance support<\/h2>\n

Non-safe harbor plans require annual nondiscrimination testing<\/a> and timely correction of any failures. Also, most plans require filing of the Form 5500 to the Department of Labor annually. Plans with over 100 employees are additionally subject to an audit of the plan\u2019s operations and financials. Plans without the proper compliance support could risk missing filing deadlines and missed corrections of compliance testing failures. ePlan Services offers support like pre-filled Form 5500s and our annual plan review.<\/p>\n

If you\u2019re looking to switch your small business 401(k) provider to one that offers a quick and easy setup, ongoing support, and employee education, contact our ePlan Services retirement sales consultants for more information.<\/p>\n

 <\/p>\n

This content is for educational purposes only, is not intended to provide specific legal or financial advice and should not be used as a substitute for the legal advice of a qualified attorney or financial professional. The information may not reflect the most current legal developments, may be changed without notice, and is not guaranteed to be complete, correct, or up to date.<\/em><\/p>\n

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