401 K Plans For Small Business

You can schedule a free call with a specialist today here.Kevin is cofounder and CEO of Guideline, the modern and affordable retirement plan that automates all the heavy lifting involved in offering a 401(k).

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Plans that don’t require employer contributions cost your company less, but may be at risk of plan failure.

Here are three popular plan types, along with some pros and cons: There are very specific rules about how contributions are structured in these plans.

But modern 401(k) plan administrators like Guideline can affordably automate nearly all of this on your business’s behalf.

At Guideline, we encourage all Square sellers to speak with one of our retirement specialists to learn how we can help you and your employees save for a better retirement.

When choosing a plan type, one of the biggest considerations is how you want to prepare for annual nondiscrimination testing that’s designed to make sure plans are just as accessible to entry-level employees — or those with lower compensation levels — as they are to executives.

Plans that require employers to make contributions to employees’ 401(k) accounts tend to have an easier time passing the tests, and may even be exempt from testing if they’re designed properly.

In America, the likelihood of a comfortable retirement is not assured.

Research by the Economic Policy Institute indicates that only about half of workers have any retirement savings, and the average savings for families approaching retirement is just ,000.

As you can imagine, building Guideline 401(k) put me through a 401(k) information boot camp.

In this post, I hope to provide Square sellers with the information they need to get started by outlining the first six steps you need to take.