Setting up a 401k has many benefits

This week we will be looking at the benefits of 401k.

Many people are familiar with what 401k is, that it’s an investment tool that employers offer that allows their employees to put part of their paycheck, pre-tax, into an account and invest it. However, many people do not understand the processes involved in setting up. As an employer or small business owner, this can be daunting.

A service I offer is to assist employers to navigate the process of setting up 401k – whether from scratch or adjusting the current plans offered. Another service I offer is to assist with new employees transferring from other companies – most intend to roll over their 401k’s, which is not a difficult task to set up.

Another of the services I offer is that of a third-party administrator – to assist with 401k plans within the workplace. This can include setting up a 401k from scratch or taking over an existing 401k. My job is to work very closely with clients to relieve a lot of the burden surrounding the administration of these plans. I conduct all meetings and assist in getting all the documentation to set up the 401k plans with the payroll company, getting the funds transferred to the 401k as deductions are made. The burden can be taken off the admin staff or HR person handling 401K. I am here to make sure that all the I’s are dotted, and the T’s are crossed – ensuring that as an employer, you are completing your fiduciary responsibility.

401k is an important tool when considering benefits offered, for employers to use to help attract and retain employees. It gives employees an opportunity to invest in their future.

401k has many aspects that can be factored in, and so planning beforehand is important. Aspects such as life goals, investment goals, setting up a college fund, various life insurance policies, annuities. There is a very broad conversation I have with the employee to determine what their goals and dreams are, and to conduct a needs analysis with them – making sure we’re on the right track for what their goals are.

One of my main purposes for these blog posts and videos is to get you thinking – as an employee, you can check in with your employer about 401k benefits offered. As a small business owner, if you would like to think about offering a 401k plan, I can help you by laying out what is involved. As an employer, if you would like help adjusting your current plans, I can assist with that.

If you’d like to schedule a meeting or conversation, please book an appointment on my homepage Remember, I am passionate about helping my clients get the best options with as little hassle as possible, and my clients have said that they appreciate the extra services I provide for them and their employees.

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