While you cover the hard dollar costs like set-up and administration fees, you’ll also want to consider the fees your employees are charged. This directly impacts how attractive they find the plan and, ultimately, their participation. Moreover, as an employer, you have a fiduciary responsibility to make sure the fees employees pay are reasonable and validated – or you can face fines for breaching your fiduciary duty.
A 401(k) is a sought-after benefit by workers, ranked one of the top five benefits for employee satisfaction. By offering one, you’ll improve your ability to attract new talent and show employees you value them and care about their financial futures. This, in turn, can encourage employees to stay with you over the long-term, setting up your business for future success. Contact us today to know more.