Tips on Choosing a 401K Suite

I want to use a ready made 401K software suite to set up a 401K plan for my small business. How do I find the perfect suite? Jessica Seamus, Atlantic City, runs a florist chain.

A 401K software suite is the best tool to set up and manage your small business 401K plan. There are number of such suites available online and it can be quite a challenging task to pick one. Here are some tips:

  • The cost is one of the primary factors to consider. Compare costs of the different options available alongside the features to find a suite that offers the most value for your money.
  • Investment choice is definitely a must have with a 401K software suite. Different participants may have different investment needs and your 401K should be able to fulfill them all. Choose a suite like that offers a complete range of no load mutual funds.
  • A versatile package is the easiest one for you to work with. Your 401K suite should allow you to make changes and adapt the plan to your business’s growth with ease. You should be able to change preferences, add or remove participants, track loans etc with your package.

Great support is essential if you want your 401K program to run without a hitch at all times. Friendly support is especially important during the initial stages when you are still familiarizing yourself with the workings of the package. Look for a suite that offers step by step set up and operation guidance in addition to skilled support on both plan related as well as software related issues.

About Elliot Earl, Director, Pension Trade Association
Director, Pension Trade Association Founded in 1982, the Pension Trade Association [California Domestic Nonprofit Corporation #C1629080] is dedicated to helping workers save for their retirement through expanded coverage of 401k -type defined contribution pension plans.

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