Choosing A Retirement Plan For Your Business

Key Takeaways

• Choose flat-fee pricing over asset-under-management models when comparing 401(k) providers, and use the Secure Act's $5,000 tax credit to offset plan setup and administration costs
• Focus on low-cost investments with target-date or age-weighted fund options rather than trying to become an investment expert; hire a professional advisor to select and monitor investments for employees
• Select a plan design that matches your business structure (e.g., high turnover, part-time, seasonal staff) and remember that employee matching contributions are optional—you can start with zero employer contributions
• Mitigate fiduciary liability by hiring third-party fiduciaries to manage investment decisions and adding a fiduciary bond to your property casualty insurance while following your provider's compliance guidelines
• Evaluate providers based on dedicated customer service quality—including phone, chat, email, and website support for both you and your employees—rather than relying solely on low-cost online platforms without human support