Enrollment, payroll processing, participant transactions and distributions are all included services. Also, the IRS 5500 and required plan testing are built-in to help ensure your regulatory compliance.
What Is Included?
- Service excellence in an all-inclusive complete 401k program
- Flexible IRS-approved prototype plan documentation
- Payroll integration
- Compliance testing, IRS tax form 5500, annual reporting
- Loans, hardship withdrawals, rollovers, and distributions
- Comprehensive participant education and investment services
- Online employer management records and participant reports
What Are The Basic Costs?
- One-time start up fee: $250 for a new plan
- Cost-effective annual record keeping fee: $500
- Per participant fee, paid by employer or employee: $20 per year
- Custodian fee paid by employer or (typically) by employee: 1/10th of 1% annualized
- No additional cost for Safe Harbor 401k
- No additional cost for matching or profit sharing
Note: Fees are detailed in the American 401k Expense Detail.
What Are The Online Services?
- Participant exchanges, rebalancing, and future fund allocations
- Detailed transaction history
- Statements updated daily (hard copy statements are sent quarterly to participant homes)
- Fund profiles updated daily – Morningstar.com reports
- Retirement income projections
- Loan modeling
- Employer management records