/ 401(k) Basics

The 401(k) Provider Checklist: How to Choose a Great Plan

Before we dive in, give yourself a pat on the back. Shopping for a 401(k) provider means you’re thinking about giving your employees a benefit they crave. Recent research shows that less than half of American families have any retirement savings at all, and only 45% of small businesses offer employees a retirement plan.

By offering a great 401(k) plan, you’ll help your employees — and yourself — save more for retirement. But giving employees this benefit does mean you’ll have a few extra responsibilities:

401k company duties provided

Getting help from a 401(k) provider

The good news: Working with a 401(k) provider means you can take most (or all) of the responsibilities listed above off of your to-do list. The bad news: There are a lot of little details to consider when you’re shopping for a provider. Below, we’ve put together a detailed checklist that breaks it all down.

Blog_Inline_SH_Stay_Compliant-1--1

At a high level, these are the key questions you should keep in mind:

  • What services does each vendor offer?
  • Which services are included in the basic fee? Which services are extra? And are there any additional fees that come up annually, in addition to the base fees?
  • What fees are employees expected to pay?
  • Are there diversified investment options?

The 401(k) provider checklist

Here are specific questions to ask the 401(k) providers you’re considering. Printable view.

401k_checklist_HJ@2x

Want to see how Guideline can help you take better care of your team? Check us out.

Checklist followup with Guideline