January 11, 2008, 12:58 pm
401(k) options for small businesses
Ask FSB's experts point to various IRS resources for researching 401(k)s and other retirement plan options. Do you offer a retirement plan?
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We have a staff of around 15 in the US portion of our business, and we use the Fidelity E-401(k) with a safe harbor match. The administrative fees are pretty low (around $2,000 – $3,000 total per year) and there is a wide range of low-cost investment options, including over a dozen funds with Morningstar 4- or 5-star ratings. We have shopped for alternatives, but I have yet to find anything in the same price range with similarly low-cost no-load high-quality funds.
The only problem is that there are so many funds available that people can be overwhelmed by the 40+ choices. Fidelity has some local offices around the country to help people make selections, and we have had them come in and make presentations to the entire staff. I highly recommend them.