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Employer 401k – Help for employers wishing to start and implement their own

Many employers ask this question; How do I start a 401k plan in my small business? Well, the answer is simple, find a company that offers them. More or less, you have to go through a brokerage firm or similar to setup something like this. But first, you should make sure this is truly what you want. By this I mean, what purpose will this fill? Are you attempting to provide a 401 k plan for your employees?

If so, then the below link is an example of a company (Sharebuilder) that offers that type of service. And they are good.

However, if you are only trying to setup one for yourself, the owner, you may be better off going with a Keogh plan, or simply using an IRA to invest in through a local bank. The key components to your decision should then be based on who are you providing this to, and how much are you willing to spend? Is the employee retention a factor for you? Then maybe you do it, if not, why cost yourself anymore than you need to. Also, consider the tax benefits and consequences of offering an employer 401k before you jump right into it. You may not know these answers yet, but at least it puts a seed in your head of what to remember when you do. Check out my other posts for more information on your options, you can use the search function or scroll through the articles to the right.