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How To Find the Best 401k Plan for Small Business

If you are a small business owner, then you know all about how providing competitive benefits like low cost 401k programs can be very difficult. Being able to provide loyal employees with a reliable 401k plan has been an unattainable dream for many small business owners. Understanding this, financial institutions have responded by offering reasonably priced, low cost 401k plans that offer both the small business owner and their employees a number of significant advantages.

A safe harbor 401k plan may be perfect for any small business that would like to provide their employees with a viable retirement benefit at a price that the business can afford. One of the best things about a safe harbor 401k plan is the fact that, unlike ordinary 401k plans, safe harbor 401k plans are not subject to ACP and ADP tests. For this reason, safe harbor 401k plans are easier to manage than other types of 401k plans and is why they are quickly becoming the most popular 401k plan around.

If you have employees who are quickly approaching retirement age, a safe harbor 401k plan may be perfect for you. Safe harbor 401k plans allow employees to contribute 100% of their earnings if they are so inclined. The employer then must match the first 3% at 100% and the next 3% at a 50% rate.
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There are sure to be many of you who are wondering how the employer actually ends up benefitting from offering employees a viable 401k plan? A viable 401k benefit will make your best employees think twice about leaving your company, especially if you offer a quality safe harbor 401k plan. The smaller the business the less likely it was to be able to provide quality benefits like a safe harbor 401k, which usually meant that the best employees would leave the company after only a few years for a firm that could afford to provide those benefits. By implementing a safe harbor 401k plan for your company, you will be able to offer a retirement benefit that can compete with those being offered by larger firms.
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Those who are interested in learning more about great 401k plans for small businesses should take a moment to get in touch with a 3(38) fiduciary manager in their local area. When you take a moment to visit the website of a 3(38) investment management service, you will be able to find out everything that you need to know about safe harbor 401k plans and other forms of fiduciary management services. The best way to begin is to perform a search using your favorite search engine for the best 401k plans available for small business or a 3(38) fiduciary manager in your local area.

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