Thanks to the Revenue Act of 1978, the 401(k) program started seeing wide spread use in the early 1980’s. Since then, 401(k) plans have helped more than 50 million employees save for retirement while accumulating more than $15 Trillion in retirement savings. Still it’s estimated that close to half of the U.S. private workforce doesn’t have access to employer-sponsored retirement plans. Typically small employers don’t establish 401(k) plans because they are too expensive, complex and have too many liability exposures. Furthermore the average cost associated with small employers offering and maintaining 401(k) plans can easily range from $1500-$3000 just to set up the 401(k) plan and then as much as $1500-$5000 in annual administration fees. Undeniably, quality benefit programs (like employer sponsored retirement plans) help attract and retain quality employees. So, offering a 401(k) plan can be a competitive advantage for small employers competing for employees within a tight labor market.
During the course of our 29 years in business, we appreciate how this program can help small to mid-size companies stand out from the competition. If your company hasn’t yet established a 401(k) plan for your employees, we invite you to contact us for more information on the LL Roberts Group. Our 401(k) plans are FREE to set up and have “no administration fees” for our client companies*. Contact you LL Roberts Group Representative for more details. * Participants are subject to standard fees for their individual retirement accounts.