Starting a 401k Plan

If you are seriously considering starting a 401k plan, the first step is to determine your overall objectives for starting the plan. The objectives can range from maximizing the retirement savings of company owners to providing an attractive employee benefit to attract and retain qualified employees. The next step is to call us. We will help you further clarify your objectives and will request census data for your company. Based on this information, we will provide a draft plan document that meets your objectives. We will send you a summary of key plan features and go through them with you over the phone. We will make any modifications that may be required and prepare the formal plan document and other implementation documents for your signature. Once you sign the document, your plan is established.

The final step is introducing the plan to your employees. We do this through an online presentation that consists of a 20-minute PowerPoint presentation, a Q&A session and assist participants in completing the investment provider’s application. The whole presentation usually takes about 45 minutes and participants can log onto the presentation from multiple locations.

You now have a functioning 401k plan, ready to receive contributions.

Have Questions?

Type your questions below and we will respond to you in 1 business day.