Our 401(k) plans are designed to lower the cost of retirement benefits to help you save more. Whether you’re a small business starting your first 401(k) plan or a larger business looking to save costs and increase your service, we’re here to serve you.
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Explore tax benefits and higher yearly contribution limits with a 401(k).
When it comes to 401(k) plans, it can be tough for small business owners to know all the important facts. Do you qualify, what tax credits do I receive, how much can I really save, does it cost much etc.? Here's the scoop.
A Roth 401(k) allows employees to make after-tax contributions to their 401(k) account up to the 401(k) contribution limits. Once in retirement, these funds aren’t taxed when withdrawn, earnings and all. Roth 401(k)s have distinct advantages over Roth IRAs too. Learn more.
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* ShareBuilder 401k plan expenses range from 23% to 68% less than the industry average at various data points from a $50K plan with 6 participants to a $100M plan with 2,000 participants based on 401k Averages Book 2023 Data and Custom Benchmarking report prepared for ShareBuilder Advisors. Cost comparisons are based on plan assets and number of participants and reflect core on‐going 401(k) plan expenses that a company and/or its employees can expect to incur as a percentage of assets with most any 401(k) plan. This includes administration, recordkeeping, tax filing prep documents, plan testing, fund expense ratios, and other investment costs passed on to every participant to service the plan. It does not include unique employee-initiated transactions such as loans, distributions or employer transactions such as plan amendments. ShareBuilder 401K pricing is based off of standard pricing rates for our typical Safe Harbor 401(k) plan design. This claim is not applicable to solo 401(k) plans.
1 High-quality Funds: The ShareBuilder Advisors Investment Committee conducts an annual review of the Exchange-Traded Funds offered as ShareBuilder 401k investment options. The review includes multiple variables including length of time since inception, asset level, historic performance over one to ten years, expense ratios, and how the funds compare to their respective benchmark index. Each fund is monitored and changes are made to the fund lineup as needed to align the investment options to the Investment Committee’s investment policy.
Our low-cost 401k plans are easy to setup online and are supported by our 401k advisors and specialists. ShareBuilder 401k serves small business and medium-sized companies, as well as the self-employed. We offer Roth 401k, Safe Harbor 401k, Traditional 401k, and Solo 401k options. Your 401k plan is paired with investment management expertise and employee education to help you save more.
As a 401(k)-industry pioneer, ShareBuilder 401k: Has been in business since 2005 serving over 6,500 businesses and their employees. Keeps investment expenses under 1% so more of your money stays invested. Believes in great digital and people services connecting you with a dedicated 401(k) advisor.
401k serves small business and medium-sized companies, as well as the self-employed. We offer Roth 401k, Safe Harbor 401k, Traditional 401k, and Solo 401k options. Your 401k plan is paired with investment management expertise and employee education to help you save more.
Businesses with less than 100 employees may be eligible for a SIMPLE IRA. It's usually easy to manage because there's no discrimination testing, but employers must contribute to it and participants are fully vested immediately. SIMPLE IRAs also cap employee contributions at a lower amount than 401(k) plans.
SIMPLE 401(k) plans are retirement savings plans offered by small business employers or companies with 100 or fewer employees. This kind of plan combines the features of traditional 401(k)s with the simplicity of SIMPLE IRAs. Participants must be at least 21 and have one year of service before they can participate.
Traditional and Roth 401(k)s may be the most common types of retirement plans, often offered at large employers. Smaller employers may favor SIMPLE (Savings Incentive Match PLan for Employees) and safe harbor 401(k) plans, which can be less complex and costly to administer.
Strong benefits can help retain your team. Research indicates that 61% of employees would leave their current employer for a similar job if it offered better retirement benefits. ^ Whether you're recruiting or seeking to keep your current employees, a 401(k) is a terrific incentive.
Initial costs for a 401(k) can be between $500 and $3,000. However, you might be able to offset those costs with tax credits. The Setting Every Community Up for Retirement Enhancement (SECURE) Act entitles eligible employers to claim a tax credit of up to $5,000 for three years to cover plan setup costs.
Imagine you earn $60,000 a year, and your employer matches the contributions you make for up to 3 percent of your salary. You would like to save a total of 10 percent of your salary, including the match. So you decide to defer 7 percent of your own pay in each paycheck.
With similar annual contribution limits, the solo 401(k) and SEP IRA might seem similar, but the 401(k) may be the better option for single freelancers. The solo 401(k) allows you to save at a much faster rate in the account, though it's viable only for single-person businesses (or with a spouse in the business).
A 401(k) is an employer-sponsored retirement savings plan that offers significant tax benefits while helping you plan for the future. With a 401(k), an employee sets a percentage of their income to be automatically taken out of each paycheck and invested in their account.
Traditional IRAs: a tax-advantaged savings account that lets your funds grow tax-deferred. Roth IRAs: a tax-advantaged savings account of after-tax funds (money that you've already paid taxes on)
The choice between a traditional 401(k) and a Roth 401(k) can depend on a lot of factors that are specific to your individual financial situation. While the experts love the Roth 401(k) for its many tax benefits, you'll have to decide whether that makes sense for your needs and future.
Common reasons small businesses don't offer a 401(k) plan
There are a variety of reasons a small business may not think a 401(k) plan is a viable option for them, but there are three that are the most common: "My company isn't big enough." "I can't afford to sponsor a plan. That's way too expensive."
401(k) deferrals and contributions are allowed as a general rule, but there are exceptions. The biggest issue to consider is whether or not the member or owner is providing material services that are income-producing for the LLC.
An Individual 401(k) plan is available to self-employed individuals and business owners, including sole proprietors, corporations, partnerships, and tax-exempt organizations with no employees other than a spouse. You must have a minimum 5% business share to be eligible.
The SECURE 2.0 Act of 2022 (SECURE 2.0) became law on December 29, 2022. The new law makes sweeping changes to 401(k) plans – particularly plans sponsored by small businesses. It includes provisions intended to expand coverage, increase retirement savings, and simplify and clarify retirement plan rules.
A 401(k) plan can be offered by any type of employer, but a SIMPLE IRA is designed for small businesses with 100 or fewer employees. Contribution limits for SIMPLE IRA plans are lower than traditional 401(k) plans. SIMPLE IRAs require an employer contribution.
Tax-exempt, nonprofit organizations can offer a 401(k), a 403(b), or both. Recent regulatory changes are making nonprofit 401(k)s even more popular among many tax exempt organizations. 401(k) plans are often significantly cheaper for both employers and employees.
A one-participant 401(k) plan is sometimes referred to as a “solo-401(k),” “individual 401(k)” or “uni-401(k).” It is generally the same as other 401(k) plans, but because there are no employees other than your spouse who work for the business, it is exempt from discrimination testing.
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