Treat Retirement Plans Like a Business Unit, Not a Burden
Startup employees need 401(k)s, too.
Opinions expressed by Entrepreneur contributors are their own.
Founders know that when you run a small business or a startup, cash is tight. You try to maximize margins whenever and wherever you can. You count paper clips, copies printed, the time it takes for receivables to arrive. That’s all to be expected.
But I bet I know one area that doesn’t get that kind of attention: the retirement plan for your employees.
I know — the rules can be baffling and often seem to change with every new Congress. And what about those fiduciary rule changes you’ve heard about?
Do you really know what’s going on? Or are you just starting to think about 401(k) plans for your employees?
Or maybe you have one already. If so, how often do you review or audit the plan? Are you paying too much? How much of the process do you do? Do you go it alone? If not, how do you choose your vendors? Do they specialize in businesses your size? The fees? The returns?
Founders know that when you run a small business or a startup, cash is tight. You try to maximize margins whenever and wherever you can. You count paper clips, copies printed, the time it takes for receivables to arrive. That’s all to be expected.
But I bet I know one area that doesn’t get that kind of attention: the retirement plan for your employees.
I know — the rules can be baffling and often seem to change with every new Congress. And what about those fiduciary rule changes you’ve heard about?
Do you really know what’s going on? Or are you just starting to think about 401(k) plans for your employees?
Or maybe you have one already. If so, how often do you review or audit the plan? Are you paying too much? How much of the process do you do? Do you go it alone? If not, how do you choose your vendors? Do they specialize in businesses your size? The fees? The returns?
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