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A General Overview of the Benefits of a 401k Plan for Small Business Safe harbor 401k plans provide businesses and their employees with significant benefits. This is mainly because a safe harbor 401k plan will provide your company with benefits that a traditional 401k plan will not. Safe harbor 401k plans represent a low cost retirement plan option that are perfectly suited to small business. To meet the requirements for a safe harbor 401k plan, an employer must meet certain contribution guidelines. When your company offers a retirement benefit, your 401k plan will be tested to see if it meets industry requirements, which could incur fees if your plan does not meet these standards. Industry requirements test your company’s 401k plan through Top Heavy and ADP and ACP testing which may end up costing your company additional fees if your 401k plan is not up to industry standards. However, if you implement a safe harbor 401k plan in your small business you will not have to meet these testing criteria and will not be subject to testing. This is why so many small business owners are seeking the services of 3(38) investment management companies who can help them find and implement the best 401k plan for their business. Safe harbor 401k plans have specific employer contribution requirements that must be met for the plan to qualify as a safe harbor 401k. The employer contribution for a safe harbor 401k is 100% of the first 3% of each participating employee’s contribution and then 50% of the next 3%. While it may be a larger contribution than your current 401K plan, saving yourself from having to submit to industry testing would make it worth the expense.
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If you are looking for a cost effective way to meet the needs of your employees, it is a good idea to get in touch with a safe harbor 401k provider to learn more about implementing them in your company. The best 401k plan providers will have plenty of options including safe harbor and traditional 401k plans and 3 38 investment managers on hand to help you make a choice that will most benefit your business. 3(38) investment managers can help you reduce a significant amount of risk in your fiduciary planning which will benefit your company and your employees as well.
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For more information about the benefits of 3(38) investment managers all you have to do is take a moment to visit the official website of a 401k plan provider in your area. All you have to do to get started is perform a search using your preferred search engine for the best 401k plan providers or for a 3(38) investment management services company.