401(k) providers offer a tax-advantaged 401k retirement savings plan that allows employers and employees of private, for-profit companies to contribute with pre-tax dollars.
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401(k) Providers Q4 2023Q4 October 2023: Winners
List of the top 24 401(k) Providers in Shortlister as of October 2023, presented in the order they appear in the full Vendor Listing tab.
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Through integration and automation, we’ve created an entirely new way to save for retirement. -Get up and running in just minutes -Individualized guided portfolios -Simple and affordable pricing... View Full Profile
SaveDay is an incredibly unique 401(k) provider: (1) SaveDay has absolutely zero employer costs, (2) we integrate with any willing payroll provider, (3) we prepare all your IRS reports (5500, 8955) all included, again without cost. SaveDay provides secure and... View Full Profile
Dramatic changes are taking place in the 401K marketplace and many sponsors are still unsure about how they are being impacted. The Unityy401(k) plan enables multiple organizations to band together into a single plan that streamlines the process of offering ... View Full Profile
Fidelity Investments® has been in business 73 years. It was founded in 1946 by Edward C. Johnson 2d, as an investment management company. Fidelity entered the benefits administration business in 1982 in response to corporate clients’ requests to couple ... View Full Profile
We are a community of 30 million who think – and feel – differently about investing. Together, we’re changing the way the world invests. Since our founding in 1975, helping our investors achieve their goals is our sole reason for existence. With no other... View Full Profile
T. Rowe Price is a financially solid, debt-free organization with strong employee ownership. The firm was: Established in 1937 by Thomas Rowe Price, Jr. Incorporated in the state of Maryland in 1947 Licensed to conduct business throughout the ... View Full Profile
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The Charles Schwab Corporation provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. (member SIPC), and its affiliates offer investment services ... View Full Profile
Employee Fiduciary, founded in 2004, is a 401(k) plan provider for small businesses. Employee Fiduciary provides retirement plan recordkeeping and administration. Serving over 2,700 small and growing businesses, the company provides low cost 401(k) services to... View Full Profile
Merrill offers access to the banking convenience of Bank of America and investment capabilities of Merrill Lynch to help simplify the financial lives of our clients. We enable clients to seamlessly manage their Merrill Edge Self-Directed investment accounts ... View Full Profile
Principal Financial Group® helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients ... View Full Profile
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader... View Full Profile
HBL's experienced team provides employee benefits legal compliance support for 401(k) plan sponsors regardless of geographic location or company size... View Full Profile
Voya helps Americans plan, invest and protect their savings — to get ready to retire better. We serve the financial needs of more than 14 million individual and institutional customers in the United States. Our vision is to be America’s Retirement Company... View Full Profile
Fiducient Advisors has significant expertise in advising defined contribution plans, which represent about two-thirds of our institutional client base. We believe the corporate defined contribution plan landscape is likely to continue evolving in response to ... View Full Profile
The companies of OneAmerica have a solid foundation in the financial services marketplace dating back more than 140 years. During that tenure we have implemented a variety of retirement plan products and services to meet the financial needs of our clients. We ... View Full Profile
PAi’s brand is built on company roots and values. Founder Michael Kiley started PAi in 1983 with the specific purpose of making affordable, best-in-class retirement plans available to American small business owners. At age 62, Michael’s father discovered ... View Full Profile
ShareBuilder 401k offers simple, low- cost 401(k) plans. We're here to help any business save more for retirement - from Solo 401(k)s to plans for 100 employees or more... View Full Profile
America's Back Office has over 19 years in taking Human Resource burdens off US businesses of all sizes. From Payroll, HR, Benefits, legal to compliance; we help our clients succeed. Our service model is designed like a fortune 500 Human Resource department, ... View Full Profile
Mutual of America Financial Group is a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services at a competitive price, along with outstanding personalized ... View Full Profile
NWPS was started in 1994 to provide high-quality service for benefit plan sponsors, participants and advisors. We are independently owned and have no conflicts of interest with investments, insurance or other lines of business. Services Plan consulting and ... View Full Profile
A 401(k) is a retirement savings plan named after the section of the Internal Revenue Code that oversees it. Its primary purpose is to facilitate saving for retirement. Employers commonly provide these plans to eligible employees as part of their benefits package.
Employees who enroll in a 401(k) commit to an automatically deposited percentage of each paycheck into an investment account. Employers may choose to match a portion of the contribution. Employees can select from various 401(k) plan investment options.
A Roth 401(k) is a type of retirement savings plan that combines the features of a traditional 401(k) and a Roth IRA. It is named after Senator William Roth, who was instrumental in creating the legislation that made it possible. Unlike a traditional 401(k), where contributions are made with pre-tax income, contributions to a Roth 401(k) are made with after-tax income. It's essential to consider your current and future tax situation when deciding between a Roth 401(k) and a traditional 401(k). If you anticipate being in a higher tax bracket during retirement or want tax-free withdrawals, a Roth 401(k) might be more suitable.
Starting from January 1 to June 30, 2023, you can contribute up to $22,500 total to your retirement accounts. This limit also applies to 403(b) plans, most 457 plans, and certain other retirement plans.
Whether a 401(k) is worth it depends on various factors and individual circumstances. One significant advantage is the employer match, which can be considered "free money" and significantly boost retirement savings. The tax benefits of a traditional 401(k) can provide immediate tax savings, while a Roth 401(k) allows for tax-free withdrawals in retirement. Long-term savings and the convenience of automated contributions make it a popular retirement tool. Additionally, the portability of 401(k) funds allows for easy rollovers when changing jobs. However, limited investment options and early withdrawal penalties are potential downsides. Overall, if your employer offers a match and you have a long time horizon for retirement, a 401(k) can be a valuable tool. But assessing your financial situation and retirement goals is essential to determine the best approach, considering other options like IRAs. Seeking advice from a financial advisor can provide personalized guidance.
Yes, you can contribute to both a 401(k) and an Individual Retirement Account (IRA) simultaneously, subject to certain rules and contribution limits set by the IRS. Contributing to a 401(k) and an IRA can effectively diversify your retirement savings and take advantage of various tax benefits. It's essential to be aware of the contribution limits, tax implications, and other retirement savings options to make the best decision based on your individual financial situation and retirement goals.
Yes, you can switch 401(k) providers, but the process and options may vary depending on your specific situation and employer's plan rules. If you change jobs, you can leave the funds in your current 401(k), transfer them to your new employer's plan (if allowed), or roll them over into an Individual Retirement Account (IRA). Some 401(k) plans may also offer an "in-service" rollover option, allowing you to transfer funds to an IRA while still employed. If your employer decides to change the entire company's 401(k) provider, they will communicate the transition details. When switching providers, it's crucial to understand any fees, investment choices, and administrative aspects.
When a company switches 401(k) providers, several changes occur. The company will communicate the switch to all employees, providing details about the new provider and any relevant deadlines. Existing 401(k) accounts will be migrated seamlessly to the new provider, including the current balance and investment selections. Employees may need to review and update their investment choices based on the new plan's offerings. Administrative aspects, such as account management tools and customer service, may differ with the new provider. Employees should confirm or update beneficiary designations and understand any changes in contribution processes and employer match policies. Fees and expenses may also differ in the new plan, requiring careful review. Educational resources will be available to help employees make informed decisions. Overall, it's essential to review the information provided, attend informational sessions, and seek guidance from the new provider or a financial advisor to navigate the transition successfully.
