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You should also look into which tax incentives are available to you and how they affect your overall cost.
Fidelity Investments offers the best Savings Incentive Match Plan for Employees – or SIMPLE IRA – for small businesses because of its lack of fees for plan sponsors and its low costs and complimentary investment guidance for plan participants. They also pay fund expense ratios, though commission-free exchange-traded funds (ETFs) from Fidelity and i Shares are available, helping to keep these costs low.
This type of plan is for businesses with 100 or fewer employees and requires plan sponsors to either match a small percentage of each participating employee's contributions or contribute a smaller percentage to all employee accounts. Guideline offers the best 401(k) employee retirement plan for small businesses because it's a full-stack solution with low fees.
Here's an overview of the fees you can expect to pay.
Employer-sponsored IRAs are much simpler to set up and maintain than 401(k) plans, but they don't allow employees to set aside as much money in their workplace retirement plans.
You needed a plan administrator, custodian, record-keeper and financial advisor.
Each of these parties charge fees; some are fixed, while others are based on plan assets. In our opinion, hiring multiple companies to handle different tasks is burdensome and expensive, so in our search for the best retirement companies, we looked for all-inclusive 401(k) providers that cater to small businesses.
There's no lengthy contract – just a document for the terms of service – so you can cancel your plan at any time.
There is, however, a wind-down fee if you terminate your plan.
Instead of you working with multiple financial professionals and companies to help you comply with the Department of Labor's ERISA regulations, Share Builder serves as the 3(38) fiduciary and takes care of everything: plan administration, custodianship, recordkeeping and investment management.
Plan costs include a setup fee and monthly administration costs.