Time is money, time waits for no one, time lost is never found again. Sayings about time are common in our society, with good reason. One of the biggest business pressures you are likely to experience is time. Whether you are a business owner or financial advisor, saving time is critical.
Why Do You Need a Simple 401(k) Setup?
If you research the process of setting up a 401(k) plan, you’ll come across recommended steps like:
- Create a plan document that complies with IRS code
- Set up a trust to hold plan assets and choose a trustee
- Find a recordkeeper to record employee contributions
- Provide legal information to all plan participants
- Select the funds that will be available in your plan
For many business owners and partners, these steps can be daunting and are enough to keep them from setting up a retirement benefit for their employees. This may be a big reason why only a small percentage of small business owners offer a 401(k).
The new generation of retirement plans streamline the process to eliminate most of these steps, saving not just hours or days, but potentially weeks of time and hassle.
What the 401GO Platform Does for You
We’ve tasked our development team with creating the most simple and effortless plan setup possible. Our setup process was created with three big goals in mind:
- Make it easy: use the fewest questions possible and eliminate any unnecessary steps.
- Make it fast: most trustees complete the setup process in around 15 minutes.
- End worrying and hassles: we manage the technical details so plan sponsors don’t have to.
Most 401(k) providers require 4-8 weeks or more to set up a plan, depending on the type you choose. We believe business owners shouldn’t have to wait 8 weeks to implement a retirement plan! You should be up and running today!
How Our Fast 401(k) Plan Setup Process Works
The secrets to our effortless setup are automation and service bundling. These two modern advances, working together, create an environment that allows us to manage all details that are headaches for employers.
- Automation creates the plan document: Our team knows the IRS code. And, more importantly, so does our technology. With just a few questions, we know enough about your needs to create a plan document that complies with ERISA requirements.
- Automation creates a dashboard: Your dashboard is how you see your plan details, participation rates, total assets, contribution amounts, payroll activity and so forth. This requires no setup on your part, it is automatically created by our technology.
- Automation creates payroll integration: If you use a common payroll provider, we probably have an integration set up already. Our Plus and Premier plans include our True360 integration with every payroll provider possible.
- Automation handles participant enrollment: Some plans have auto-enrollment, but even if they don’t, our system sends information to the participants to make sure they are enrolled properly. This automation actually increases participation rates and reduces headaches.
- Automation eliminates complexity: You don’t need to spend time researching plan designs and legal requirements or setting up a trust and worrying about choosing a trustee. We’ve spent the time to simplify the setup so you won’t make a wrong plan choice or worry about future problems.
- Automation eliminates manual entry errors: One wrong entry could potentially cause huge headaches. With automation, there is no manual entry, and therefore no manual entry errors to double-check.
- A bundled solution reduces the burden on you: 401GO serves as the recordkeeper and the administrator, and we partner with Matrix Trust for custodial services. Not only is this a great long-term solution, but it helps to streamline the setup. Plan providers don’t need to find a recordkeeper, because we provide that service. They don’t need to train an administrator, because we provide that too. They don’t need to spend weeks consulting with professionals about plan design. All that setup work is already handled before you even begin.
- Service bundling eliminates many communication barriers: You’ll only need to communicate with one service provider, so you won’t experience the problem of various providers pointing fingers at each other when there are problems.
- Automation + bundled solution requires fewer answers from you: Our setup process only has a handful of questions, because we really only need a handful of answers. Fewer questions mean less time spent on setup.
Tech + Touch
Our amazing automation is supported by an even more amazing group of professionals. In the unlikely event something does go wrong, or you need more detailed help, you can make a phone call and talk to a human who will be friendly and helpful. In fact, our stellar customer support might be our most praised feature!
You can see why an effortless setup is one of the most important features we offer! Saving you weeks of waiting, hours of time, and loads of worry is what makes 401GO special. If you’re ready to get started, take a few minutes to set up your company 401(k) plan today.