We can help your employees grow their savings while cutting your costs. In fact, your business can save up to 80% with our 401(k) plan.
The ELM 401(k) plan includes a $400 one-time Plan Document fee plus a $400 annual administration fee for a total setup cost of $800. Ongoing annual cost to the plan would be $400.
Compare that to setting up your own 401(k) plan which on average includes a $1,500 one-time Plan Document fee plus a $2,000 annual administration fee for a total setup cost of $3,500. Ongoing annual cost to the plan could run $2000 on average.
The ELM 401(k) plan can be customized to include:
- Roth and Traditional 401(k)
- Safe harbor 401(k)
- Age-weighted, cross-tested formula
- Hardship distributions
In addition to saving you time and money, we can help reduce fiduciary liability as we handle the plan design and updates, investment selection and monitoring, submission/reconciliation of contributions, year-end census information, year-end testing and compliance and filing IRS Form 5500.