Providing your employees with an opportunity to save for their future is an under-rated responsibility of a business owner. You have surrounded yourself with professionals like your CPA, your attorney, and your financial advisor, who help you chart your future. By offering a retirement plan to your employees, you are bringing to them the opportunity for financial success. Strong candidates for key roles in your company will expect the opportunity to participate in a retirement plan. You want your employees to be able to retire comfortably so you can allow the next generation to move into responsible roles.
Your retirement account is important too. It provides you with some diversification and ERISA protection of your investments outside of your business. By funding your retirement account, you are able to pull money out of your business on a tax-favored basis while you are in control of the company. Building successful outcomes for both you and your employees with a retirement plan is another example of a win-win.
Learn more in our white paper Choosing the Right Plan for your Business.
When choosing a third party admininstrator 401k or more accurately a third party administrator of 401ks, you'll want to choose a company focused on service. You'll want a company that answers the phone and can get you quick, accurate answers not a company that will keep you in a phone-tree, on hold and waiting for simple answers.