Read American 401k Reviewīusiness owners can expect to pay $50 to $200 per month for their employee retirement plan, plus $5 to $15 per employee per month to cover the cost of administration and recordkeeping.Īdditionally, when small business owners set up a retirement plan, there are usually annual fees for administration, recordkeeping and filing preparation. Employees get access to concierge-level guidance throughout implementation and ongoing administration, and can take advantage of payroll integration and assistance with compliance and reporting. In general, Premier is better for businesses that do not already offer a 401(k), while Elite is better for those with an existing plan. That said, the company appears to be small – with only one representative, based outside Philadelphia – raising potential concerns regarding customer service capabilities.Įmployers can choose from the company's Premier plan, which is meant for businesses with up to 100 employees, or the Elite plan, which is designed for companies with 101 or more employees. What's more, the company does not charge 12b-1 fees, exchange fees or minimum balance fees. Unlike other top employee retirement providers, American 401k offers extremely transparent pricing. Read ADP Employee Retirement ReviewĪmerican 401k is a small, independent retirement benefits provider that offers services through a subsidiary of MassMutual. However, you can contact the company via telephone or click the Start Quote button to begin building a small business retirement plan with a representative.
Regardless of the plan, employees get access to ADP's mobile app, which makes it easy to enroll in benefits and choose investments.Īs with many top providers, ADP does not publish its pricing online. Alternatively, the standard 401(k) plan requires more active management by plan administrators, which may be too much work for many business owners, especially employers with a lot of employees or employers that don't have dedicated HR teams. With the Essential plan, you can customize automatic enrollment options, employee eligibility requirements, contributions, vesting schedules and more. Investments range from stock and income mutual funds to speciality funds, including real estate and technology. ADP offers a basic 401(k) plan that requires business administrators to select and monitor the investment options that are available to employees, as well as the more robust 401(k) Essential plan. Online setup for IRA options, recordkeeping includedĪDP stands out as the best employee retirement provider for small businesses because of its comprehensive payroll, HR outsourcing and benefits services, all of which can be integrated through the company's SMARTSync Comprehensive Plan Automation. $20-$25 account fee for certain accounts or certain balances, fund expenses Plan design, plan fiduciary, employer and employee dashboards, payroll integration Starting at $49 per month and $8 per employee Phone support, account forms online, contributions by phone or mail No setup fee, no account maintenance fee, no withdrawal fee, no account minimumĬommissions on trades in certain securities
Plan design, enrollment materials, help with rollovers, participant education Starting at $375 per quarter for 10 employees, plus $7.25 per quarter for each additional employee
Option of comprehensive recordkeeping and administration Starting at $25 per month for solo 401(k)Ġ.75% for plans with 11-25 participants and less than $500,000 in assetsįully administered plans with payroll integration and bundled recordkeeping Integrated plan administration and payroll Starting at $120 per month, plus $4 per employeeĠ.5% per year, plus 0.07% in average fund fees No 12b-1 fees, exchange fees, or minimum balance fees $250 one-time installation fee $500 annual fee $20 per participating employee