How to Open a 401k for Your Small Business: A Step-by-Step Guide - 401k plans are essential for small businesses as they help attract and retain talent, provide tax advantages, and support employees' financial futures. Offering these plans enhances a company's competitive edge in the job market and promotes employee satisfaction and loyalty. Modern providers have simplified the setup process, making it easier for small businesses to implement 401k plans. This article explores the benefits of providing a 401k, outlines different plan types, and offers a step-by-step guide to establishing a plan. It also addresses costs and financial considerations associated with 401k plans, as well as common challenges that businesses may face and strategies to overcome them.

Solo 401k Plans: A Quick Fix-It Guide - Operating a solo 401k can present compliance challenges similar to those in any 401k plan. Key considerations include keeping the plan updated with legal changes and adhering to its terms. However, solo 401k plans can also face specific issues. Here are three notable compliance challenges that may arise in managing a solo 401k.

Solo 401k: The Ultimate Guide to Secure Your Retirement - Retirement planning has many options, but the Solo 401k stands out for self-employed individuals. Often overlooked, this retirement plan offers benefits tailored to solo entrepreneurs and freelancers. This guide explains the Solo 401k retirement plan, its benefits, complexities, and importance for your retirement.

QACA Safe Harbor 401k Plans: The Ultimate Guide for Business Owners - One increasingly popular small business option is the qualified automatic contribution arrangement safe harbor plan. The SECURE Act 2.0 now requires automatic enrollment for new plans. This makes QACAs one of the lowest-cost Safe Harbor designs. This applies to plans that start in 2024 or later. This guide discusses the difference between QACA and traditional Safe Harbor 401k plans. It also explores the requirements, benefits, and potential drawbacks of QACA safe harbor plans.

Resources

A glossary retirement plan and investment terms available here.

Information on Small Business Plans

Starting a small business retirement savings plan can be easier than you think. Here are some resources on a varity of retirement plans available to the small business person.

Small Business Retirement Plan Options - 2024 - This 4-page chart compares the four common types of plan designs often utilized by small employers.

DOL's 401k Plans for Small Businesses

Choosing a Retirement Plan for Your Small Business -- In this piece you will find a chart outlining the advantages of each of the most popular types of IRA-based and defined contribution plans and an overview of a defined benefit plan.

Retirement Plans FAQs Regarding SEPs

FAQs Regarding SIMPLE IRA Plans

SEP Retirement Plans for Small Businesses

Simple IRA Plans for Small Businesses