small business 401k options
July 27, 2006 3:01 PM Subscribe
What are the best options for a small business in need of 401k services?
The number of employees in my place of business is around 20. Our current 401k plan is run by schmucks. Despite all suggestions to the contrary, my employer wants to continue using said schmucks' services. I have explored Schwab (difficult to get a response from them) and Sharebuilder (doesn't offer enough options).
Does anyone have any insight on a viable 401k management option for a small business? We need quarterly reports, online access and a history of past performance. My goal is to present a "plan B" rather than continue my ranting about Schmuck & Co. We're in California if it makes a difference.
The number of employees in my place of business is around 20. Our current 401k plan is run by schmucks. Despite all suggestions to the contrary, my employer wants to continue using said schmucks' services. I have explored Schwab (difficult to get a response from them) and Sharebuilder (doesn't offer enough options).
Does anyone have any insight on a viable 401k management option for a small business? We need quarterly reports, online access and a history of past performance. My goal is to present a "plan B" rather than continue my ranting about Schmuck & Co. We're in California if it makes a difference.
The small business where we work at uses Fidelity. We have about 40-50 guys. As a bonus, they have the cool domain of 401k.com. They also do all the features that you're asking for. Our accountant has been really happy with them.
posted by unexpected at 3:36 PM on July 27, 2006
posted by unexpected at 3:36 PM on July 27, 2006
Make sure you know the political realities. I had a long and drawn out battle over a poor 401k choice with high loads and poor fund choices at a previous job with a company almost as small. It wasn't till I'd expended a lot of time and stomach lining that I discovered the deal had been lined up with a buddy of our CFO and the fact that it was an employee screwing was less important than scratching his frat brother's back.
posted by phearlez at 4:11 PM on July 27, 2006
posted by phearlez at 4:11 PM on July 27, 2006
Response by poster: Make sure you know the political realities.
Funny you should mention that because I've smelled a similar rat in the situation that I'm in. I don't have any hard evidence but there's definitely something fishy about the degree of obfuscation surrounding our current 401k plan.
posted by quadog at 4:40 PM on July 27, 2006
Funny you should mention that because I've smelled a similar rat in the situation that I'm in. I don't have any hard evidence but there's definitely something fishy about the degree of obfuscation surrounding our current 401k plan.
posted by quadog at 4:40 PM on July 27, 2006
The company I work for has <2 0 employees. we use a href="http://www.jhrps.com/us/">John Hancock (formerly Manulife), and I have no complaints. They do all the things you mention and have a good selection of fund choices.
posted by celkins at 4:55 PM on July 27, 2006
posted by celkins at 4:55 PM on July 27, 2006
Well, that was nicely butchered....
...work for has less than 20 employees. We use John Hancock ...
posted by celkins at 4:57 PM on July 27, 2006
...work for has less than 20 employees. We use John Hancock ...
posted by celkins at 4:57 PM on July 27, 2006
I do some computer work occasionally for California Corporate Benefits, an outfit based in San Diego that provides corporate benefits services to small and medium sized companies all over California (and the country, I'm told). I have not needed benefits or insurance services, but my personal opinion from watching their level of service is that I'd totally want these guys working for me.
No relation besides the odd computer job. There are undoubtedly many other places, although this and similar places are geared toward your particular company size.
posted by RikiTikiTavi at 9:46 PM on July 27, 2006
No relation besides the odd computer job. There are undoubtedly many other places, although this and similar places are geared toward your particular company size.
posted by RikiTikiTavi at 9:46 PM on July 27, 2006
This thread is closed to new comments.
posted by wildgarlic at 3:15 PM on July 27, 2006