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 managed by Transamerica includes a $500 one-time Plan Document fee plus a $500 annual administration fee for a total setup cost of $1000. Ongoing annual cost to the plan would be $500.
Compare that to setting up your own 401(k) plan which on average costs between $500 and $3,000 in initial setup fees, with ongoing annual administration costs ranging from $800 to over $10,000 depending on company size. Small businesses (2-10 employees) might pay around $1,250 annually, while plans for 11-25 employees often cost closer to $1,750 per year.
The ELM 401(k) plan can be customized to include:
- Roth and Traditional 401(k)
- Profit-sharing
- 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.
