401k The Right Way, What to look for.

Jan. 28, 2011 - PRLog -- Most employers hire a 401k plan administrator to manage their 401k employee retirement plan. Employers have a number of different options to choose from when selecting a plan administrator.

It is essential to make the right choice, so employers need to find out as much as they can about plan providers before they commit to using a particular service. Ideally, the chosen plan provider should have experience handling 401k retirement plans and they should be able to offer a broad range of good investment options, reasonable fees and good employee/employer communication.  

The easiest way to set up and manage a 401k employee retirement plan is to work with a bundled provider, also known as a full service provider. These types of providers include mutual funds, banks, insurance firms and third party administrators.  We offer the whole range of services that are required. The employer only has to deal with one service provider, which makes organizing their 401k plan much easier. The simplicity of working with a bundled provider is very advantageous for small and large businesses alike.

Mutual fund companies, despite the fact that their investment options are limited to only their funds, are the most popular provider of 401k plans. This is partly due to the fact that their services are aimed at small to medium businesses while banks tend to target bigger employers.  Working with a well-known firm can help encourage participation in the plan among the employees also contributes to the popularity of mutual funds as 401k plan providers.

Insurance firms can offer a better service to employers who are looking to set up a more complex 401k plan. Insurers can also present a wider range of investments than they were traditionally able to offer. However, an insurance company can be an expensive choice of provider.

At Bosque Financial, we will walk you through the process step-by-step.  It is so simple that if you begin the process on a Friday,  all the work will be done for you by Monday morning.  We will be glad to provide you a list of satisfied companies that would love to share what we have done for them.

Call today for a free evaluation (888) 300-3133.

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