CARLSBAD, Calif., March 15, 2021 /PRNewswire-PRWeb/ -- 401kAdministrators.com, first in the country to register as a 401k Pooled Plan Provider with the U.S. Department of Labor, announces a new pooled employer 401k Plan with no fees or costs to employers. Not only are there no fees or costs to employers, but employees are no longer required to choose from a limited menu of high priced investment options in their 401k plan.
Investments are provided through self-directed brokerage accounts allowing for investments in thousands of stocks, bonds, mutual funds, passive funds, index funds, exchange traded funds and target date retirement funds. 401KAdministrators.com works closely with multiple investment providers, all low cost major U.S. based brokerages, which use state of the art technology and offer no cost, low cost and flat rates for online market & limit orders.
"Even before employer matching or other employer 401k contributions, employers have faced costly administrative and recordkeeping fees that often deterred them from offering a 401k plan at all," said Craig Lewis Gillooly, Esq., Attorney and CEO of 401kAdministrators.com. Employer 401k fees are history with our new pooled employer 401k plan. Concerned that many industries could not afford to offer a 401k plan, we have decided to do away with any administrative and recordkeeping fees to employers to encourage widespread adoption of our pooled 401k plans, especially in industries such as hospitality, restaurant, service and retail that have traditionally not offered a 401k plan.
Now with new laws, rules and regulations in the 401k world, employers can simply adopt, along with other unrelated employers, a pooled 401k plan offered by 401kAdministrators.com, a U.S. Department of Labor registered pooled plan provider.
401kAdministrators serves as the plan provider, plan administrator and named plan fiduciary, prepares all plan documents, forms and notices, conducts enrollment and sets up and monitors the investment accounts, handles distributions and files all plan returns, such as IRS Form 1099R and IRS Form 5500.
This pooled 401k program is only available from 401kAdministrators.com and has zero ($0) start up and termination costs. Additionally, 401kAdministrators.com receives zero ($0) in sub-transfer agency fees, zero ($0) in 12(b)(1) fees, and zero ($0) in placement fees (i.e. marketing fees, finders fees etc.). Employees pay a modest 1/4th of one percent annually for the plan itself and may incur additional fees at the brokerage depending on the nature and extent of their chosen investments. "Saving one or two percentage points a year in costs on the way to retirement makes a huge difference in how much you have accumulated when you finally get there," said Mr. Gillooly.
401kAdministrators.com new pooled 401k plan allows employees to deduct up to $26,000 per year (in 2021) from their taxable income and save or invest that amount tax deferred for retirement. Employers may match or not at their discretion and receive a tax deduction for doing so. All employees are eligible to participate.
Enrollment forms are available on the web at https://Mrs401k.com 24 hours a day and customer service (1-888-No-Worries) (1-888-669-6774) is open from 8:30 am. to 6 pm. PDT. This pooled employer 401k plan comes with unlimited toll free phone and email support for the life of the plan.
With our new pooled employer 401k plans, offering and participating in a 401k plan has become cheaper and easier than ever. We are now able to open plans and accounts faster, provide better customer service and lower costs enabling employees to save more for retirement than ever before.
About 401kAdministrators.com
401kAdministrators was founded in 2003 in La Jolla, CA and services 401k plans nationwide. They are a registered pooled plan provider and an approved software vendor with the U.S. Department of Labor.
Media Contact
Craig Lewis Gillooly, Esq., J.D., 401kAdministrators.com, +1 (858) 454-7090, [email protected]
SOURCE 401kAdministrators.com
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