If you are a small business owner, then you know all about how providing competitive benefits like low cost 401k programs can be very difficult. Providing small business employees with competitive benefits has been almost impossible for small business owners for many years now. For this reason, 3(38) fiduciary companies are now offering a variety of 401k plans, including safe harbor 401k plans that are incredibly beneficial to their business as well as their employees.
A safe harbor 401k plan may be perfect for any small business that would like to provide their employees with a viable retirement benefit at a price that the business can afford. One of the best things about a safe harbor 401k plan is the fact that, unlike ordinary 401k plans, safe harbor 401k plans are not subject to ACP and ADP tests. It is this fact that makes safe harbor 401k plans easier to manage for many small businesses.
Safe harbor 401k plans are also perfect for small business employees who are approaching retirement age. Safe harbor 401k plans allow employees to contribute 100% of their earnings if they are so inclined. And their employer is required to contribute 100% matching funds ups to the first 3% and 50% on the next 3%.
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There are sure to be many of you who are wondering how the employer actually ends up benefitting from offering employees a viable 401k plan? First of all, providing your employees with benefits like a safe harbor 401k plan makes the job more valuable to the employee which makes them less likely to leave. Small businesses have had trouble retaining quality staff for many years because they could never match the benefits packages that quality staff could get from larger firms. By implementing a safe harbor 401k plan for your company, you will be able to offer a retirement benefit that can compete with those being offered by larger firms.
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When you are in the market for the best 401k plan available for a small business, the first thing you should do is take a closer look at what is available from a 3(38) fiduciary manager. By taking a moment to visit the website of a company that offers high quality 401k plans, you will be able to find out more about how your can benefit from safe harbor 401k plans and other forms of 3(38) fiduciary management services. To get started all you have to do is perform a search using your preferred search method for 3(38) fiduciary managers or the best 401k plans available for small businesses.