401(k) Plans for Businesses

401(k) plans for small businesses are a flexible retirement savings option for business owners and employees. They are commonly used by closely held businesses and professional practices and are designed to support both owner savings and employee benefits. These plans can be structured in different ways to fit the needs of the business and its workforce.

Small business 401(k) plans are often a good fit for business owners looking to save for retirement while offering a benefit to employees, solo business owners and owner-only businesses, businesses with a small to mid-sized employee base, and professional practices and growing companies seeking a structured retirement plan.

401(k) plans can be structured in different ways depending on the business's circumstances. This includes owner-only plans, often referred to as solo 401(k)s, traditional small business 401(k) plans with employees, and plans that include employer contributions where appropriate. The structure depends on the size of the business, the workforce, and the owner's goals.

Our role includes helping business owners evaluate whether a 401(k) plan is appropriate, assisting with plan setup and coordination, and working alongside accountants, recordkeepers, and third-party administrators. We support investment selection and oversight within the plan and help business owners understand how the plan fits into their broader financial picture.

We assist with ongoing plan reviews, help coordinate updates as the business evolves, and support investment oversight for participant accounts. We serve as a consistent point of contact as questions arise over time, providing organization, coordination, and continuity as the plan and business develop.

401(k) plans may be used on their own or, in some cases, paired with other retirement plans depending on business needs. Plan design decisions are made based on the specific situation of the business, its profitability, and the goals of the business owner.