How to Choose the Right 401(k) Plan Video

If you're ready to offer a 401(k) plan, you'll need to carefully research 401(k) providers. This small business video minute can help.

To be sure you're comparing 401(k) providers' offerings accurately, ask them to complete a uniform fee disclosure form. Retirement plans vary in fees and service levels. You should look for a provider who offers a wide variety of high-quality investment options.

Video Transcript

Welcome to the SurePayroll minute. I’m Michael Alter.

So you’ve decided to offer your employees a 401(k) plan. Smart move! Now you need to decide on the plan that’s right for your business.

Careful research will ensure you get the best fit for your small business needs.

First, you’ll need to request proposals from several 401(k) providers. Fees and service levels vary, so to be sure you’re comparing apples to apples, ask each provider to fill out a uniform fee disclosure form. You can get one from the U.S. Department of Labor’s Web site.

When evaluating plans, you’ll want to consider what investment options are available and how the fees are structured.You’ll also want to know what services are offered.For example, can you trade online? Will you pay extra for live phone support?

And don’t forget to ask about restrictions, such as the rules about early termination.

For the simple answer to small business issues, I’m Michael Alter with your SurePayroll Minute.