401K Tools for Offsite Employees

My data entry business employs people who work from their homes. How do I make the 401K plan accessible to them when they need to track their contributions or view account balance?- Edward Burns, Buffalo

Several 401K providers give you the choice between an offline 401K plan and an online one. The offline plan is one that is housed on your desktop PC. Employees who work at your office may access the plan using the LAN and you can administer the plan on your desktop with ease. But, for your data entry business, a plan that is offline will not be accessible to those employees who work away from office or offsite. An online 401K plan is what you need. This plan is hosted on the provider’s server and it is accessible irrespective of where you are. Every offsite employee can access his plan details from his home or work location.

You can sign up for a comprehensive online 401K plan suite with a reliable provider like http://small401k.com. This plan is hosted on a server that is protected with high level security measures so that the sensitive information you and your employees store regarding the plan is kept perfectly confidential at all times. You and your employees can view your plan details, check account balance, change investment preferences and carry out a range of other administrative tasks on the 401K with just a few clicks from the comfort of your home. The offline version may be lower priced than the online one but the convenience more than makes up for this difference.

Make sure that you choose a well established and trustworthy provider for your online plan. This will get you all these benefits as well as top notch security for your small business 401K plan.

A Choice of Investments for Your 401K Plan

Why should I choose a 401K plan that has a good choice of investment options even if my business employs less than 10 employees? Won’t such plan be really expensive to set up and administer?- George Grant, Wisconsin.

A 401K plan is a great way to encourage your employees to save for their future. Even if your business employs just a handful of people, you will find dramatically different investment attitudes among them. Some of them may already have a well diversified portfolio and they will require a mix of high return and high safety investment choices for their 401K plan. Others, who are younger, may just be starting out on their retirement saving and high return is their focus at present. Older employees will surely prefer safe, solid avenues like bonds for their 401K investments. By making sure that you set up a 401K plan that has a good choice of investment options, you cater to the needs of all your employees.

Today, you can set up such a 401K plan without spending a small fortune, thanks to the many online 401K plan suites that are available. Choose a truly adaptable and fully customizable suite like http://runityourself401k.com and you make plan set up, administration and tracking really easy on yourself and on your employees. This comprehensive tool also lets you change your preferences as and when your risk appetite changes, affording the maximum flexibility that you can possibly ask for.

You can manage this 401K plan online with just a few clicks so there is no need for a third party administrator to manage the retirement plan. Since this tool is also one of the cheapest in the market in terms of set up cost, fees and charges, you can have your 401K launched at very affordable prices.

Using 401Ks to Attract Talent to Your Small Business

I am having trouble finding talented staff for my gifts and antiques outfit. Will a 401K make my shop an attractive employer?- Lucas Daniels, Houston

Setting up a 401K for your small business is definitely a good way to lure the best talent in the market. Today, Americans are thinking twice before spending money and they are stashing away more than ever before for their golden years. A 401K plan lets them save for their future in the best possible way.

Every dollar that goes into the employee’s 401K is pre-tax money so that means he/ she saves money when making out the tax check to Uncle Sam. Plus, their contribution comes directly from their paycheck even before they can get hands on it. Because the money is credited directly into the retirement saving plan, there is no question of the employee failing to make a contribution. A 401K is one of the most reliable and beneficial retirement saving options in the market today and having such a plan for employees does make you a good employer to work for.

You can even make it easy for the employee to track and manage his 401K by choosing to sign up with a comprehensive 401K software suite like http://runityourself401k.com. This tool gives immense control to you, the employer and the employee participant over the 401K account. You can manage and update the account in minutes and your employee can track his payments and account balances with the greatest ease.

Offering attractive employer contributions to match your employee’s deposits is another way in which you can use your small business 401K to lure the cream of the skilled workforce in your locality.

401k Plan Fees

What kind of costs do I have to incur when I want to set up a 401K plan for my employees? William McDougherty, Ohio, runs a computer service outfit with a partner and plans on employing more staff.

Setting up a 401K plan was a complex affair that also involved some significant expense back in days before the internet changed the world as we know it. Today, having your small business 401K launched and fully functional takes just a few hours at most and hardly sets your business back in financial terms. The fact that these let you track and update your employee plan periodically gives you and your employees a great deal of control over the 401K and also keeps costs low.

There are many efficient 401K suites offered online that take the bite out of the complicated set up and administration process that many business owners still associate with this retirement plan. One good example would be the http://runityourself401k.com. This 401K tool lets you create your own plan at a price that is advertised as the lowest in the market. A 25 participant plan costs less than $1400 per year when you set up your 401K with this tool.

Some of the fees and charges that you may incur include a one time set up fee, administration charges, investment management fees, expenses pertaining to mutual fund investments and 12-b fees. There are some plans that can set you back by as much as 2% of your plan’s assets each year, although internet tools are generally quite affordable. It is a sound idea to compare prices of various 401K options before you finalize on one. During this comparison, remember to take the total cost of the plan into consideration rather than comparing specific fees and charges. Some of the fees may not be very apparent at first glance so asking the 401K provider some specific questions about overall plan costs is definitely a good first step to take.