Converting Your Existing Plan to a DIY 401k Software Suite

I set up a 401k plan for my small business a few years back. I am not satisfied with the investment options offered by my vendor. Can I change over to a DIY plan that gives me greater control? Glen N. Ethridge, New York, runs an office renovation business.

Sure, Glen, you can change over to a 401k plan that gives you greater control and better investment choices. In fact, if you sign up for a DIY package like, the conversion should not take more than a few days at best. Plus it is entirely free of cost. There may be many reasons for you to convert to a better plan that:

  • Offers more investment options
  • Is easier to track
  • Simple and quick to set up
  • Is cost effective
  • Can be used with ease by your employees

If you have made up your mind to change over to a DIY 401k plan then make sure all of the above are satisfied by your new one. Many small businesses save substantial sums of money (some businesses save up to 90%) every year simply by switching to an easy to administer and low cost plan like this one.

Another important feature to look for is whether the new plan still lets you go with your existing investment options. Although your new 401k may have a number of attractive no-load mutual funds on offer, some of your employees may want to stick to their existing investments. Your new plan should allow them to do so.

Also ensure that your new 401k suite makes the overall plan administration easy for you by automating many of the processes you are currently doing on your own. This lets you save much of the effort and time that a 401k plan usually requires you to invest.

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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