We regularly survey BuyerZone users to ask how their purchases went. We've used their responses to provide a sampling of actual prices paid for employee retirement plans.
Source: BuyerZone
This chart provides quick details for each of the main types of employee retirement plans from traditional 401k plans to various kinds of Individual Retirement Accounts (IRA).
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Beginning in 2006, non-profit business, universities, and hospitals can offer a new retirement plan that allows for after-tax contributions but tax-free withdrawals.
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Effective January 1, 2006, businesses looking for an employee retirement plan have a new option: the Roth 401k.
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An employer 401k plan allows employees to save for their own retirement. Each worker can set aside tax-deferred funds with each paycheck.
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The benefits of employer 401k plans can be two-fold: considerable tax deductions for you and reduced taxable income for your employees.
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Sure, compensation is about the dollars, but for many distribution executives, benefits, flexibility, and job satisfaction are as much a part of the package
Source: Industrial Distribution
Administrators can be insurance companies, mutual fund companies, or financial services companies. The main distinction is whether a plan administrator provides full services or an unbundled suite of options.
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Your company's 401k plan offers considerable employee retirement benefits that Social Security and traditional savings accounts can't match. The first is the immediate impact on employee paychecks.
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If you want to provide a retirement plan for your small business of 10-100 employees but don't have the time or the budget to maintain a traditional 401k plan, consider a SIMPLE IRA.
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Just because your business is a one-person administration, doesn't mean you can't have a self-employed 401k plan of your own.
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Instead of fronting the costs of administrating an employee retirement plan for your employees, consider offering a Safe Harbor 401k plan. This take on the popular 401k plan allows employees of all salary levels to make the maximum salary deferral contributions.
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A shorter version of our Buyer's Guide for those who want the most important points fast.
Source: AllBusiness.com
Unless you're a large company with ample accounting and HR resources, you'll probably turn to an outside source to set up your plan. But it helps to know what's involved in set-up and what to look for in a provider.
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Not all 401k plans are alike. There's a lot to consider, from deciding whether to match employee contributions to determining who will be eligible for the plan.
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When you're ready to choose between providers, it helps to be able to compare them by having them all answer the same set of questions. Here are BuyersZone's suggestions for the best questions to ask.
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If you're a company that has fewer than 100 employees and is in need of a cheap retirement plan solution, the SIMPLE 401k plan may be the way to go.
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If you're a non-profit, then you may be able to qualify for a 403B — which is similar to a 401k but tailored to the budget constraints of non-profits.
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401k plans are established, after all, for the benefit of your employees. That's why it's crucial that you arm them with the knowledge they'll need to make the best long term choices.
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Wondering how retirement plans got started? A great read for history buffs!
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Have you considered "matching"? Empower yourself with the latest retirement plan industry lingo.
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Just because your company may not be able to afford the administrative and record keeping costs associated with a 401k plan, it doesn't mean that you are without options. Your business may in fact be eligible for a cost-effective retirement alternative called the SIMPLE-IRA.
Source: BuyerZone
Unfortunately, the mandatory annual employer contributions of most pension plans can be cost-prohibitive for many small businesses. And 401k plans may be a little too pricey as well. For these firms, there is at least one realistic option: almost everyone should be able to take advantage of SEP-IRAs.
Source: BuyerZone
