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A Closer Look at 401k Plans for Small Business When you are a small business owner, it can be difficult to find a 401k plan for your employees that will also work within your budget. It has been the dream of many small business owners to be able to offer their loyal employees competitive benefits like a quality 401k plan. For this reason, 3(38) fiduciary companies are now offering a variety of 401k plans, including safe harbor 401k plans that are incredibly beneficial to their business as well as their employees. For most small businesses, a safe harbor 401k plan would be the best solution for the problem of providing small business employees with an affordable 401k benefit. Unlike ordinary 401k plans, safe harbor 401k plans are low cost retirement plans that are not subject to industry testing. Many small businesses find that it is easier to manage a safe harbor 401k plan simply because of this fact. When a small business has employees who are approaching retirement age, a safe harbor 401k is probably the best option for them. An employee who is close to reaching retirement age can save as much of their income as they wish in a safe harbor 401k plan. And their employer is required to contribute 100% matching funds ups to the first 3% and 50% on the next 3%.
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There are sure to be many of you who are wondering how the employer actually ends up benefitting from offering employees a viable 401k plan? First and foremost, a benefit like a safe harbor 401k plan will actually reduce turnover in your business by supplying your staff with extra encouragement to stay until the reach retirement age. Small businesses have had trouble retaining quality staff for many years because they could never match the benefits packages that quality staff could get from larger firms. When you offer a safe harbor 401k plan you will essentially be offering your employees a retirement option that is competitive with what is being offered by the same larger companies.
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When you are in the market for the best 401k plan available for a small business, the first thing you should do is take a closer look at what is available from a 3(38) fiduciary manager. By simply taking a minute to visit the website of a 3(38) investment management company, you will be able to read all about how your business will benefit from 3(38) fiduciary management services. To get started all you have to do is perform a search using your preferred search method for 3(38) fiduciary managers or the best 401k plans available for small businesses.