Without the right retirement benefits, small businesses cannot compete for talent. We are in a time of record-low unemployment; the right small business 401(k) attracts valuable workers, but it is also not too expensive with fees for the company. Pension or retirement benefits are critical factors in job choice. According to an Accenture study, 68% of workers worldwide base decisions off them. Mostly providing defined-contribution 401(k) plans, small businesses cannot afford pension plans. With many 401(k) plan providers in the market, there is a critical question for every small business to ask: What makes a great small business 401(k)?
When researching this, it is important to understand that at first glance, many plans look the same; however, there are a few key features that are essential to turning it from good to “great.” A few of these key features are low investment fees, integrations with popular payroll platforms, and a safe harbor experience.
To learn more about what makes a “great” 401(k) plan, click the link below: