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401 (k)

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401 (k) Provided By Our Agency

A 401(k) is one of the most common retirement investment options offered by employers in the United States today. It’s not surprising why. These plans provide both employers and employees with a flexible way to save money for retirement, and they have been around for almost 40 years.

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Payroll deduction
Recruitment & Retention
Tax deductions
Incentivizing performance

Payroll deduction coverage

Risk Factors

Americans are 15 times more likely to save for retirement if they have access to a payroll deduction savings plan like a 401(k) at their job. This finding is hardly surprising when you consider the convenience of payroll deduction.


401 K is a good option. Employee contributions are automatically deducted from each participant’s paycheck based on their salary deferral election, which is usually based on a % of compensation.

Portability coverage

Risk Factors

An employee may constantly worry about the benefits of changing his job/employer.


When workers leave their employer, they are usually entitled to a distribution of their 401(k) account immediately. They can roll this distribution to a new employer’s 401(k) plan or a personal IRA.

Recruitment & retention copies

Risk Factors

Retirement benefits are becoming increasingly important to employees. A recent study found that two-thirds (68%) of workers said a retirement plan was a critical factor in deciding whether or not to accept a job, while 62% said a plan was a critical factor in staying with a job.


This plan can be a great benefit. A 401(k) plan can be a powerful tool for employers to attract and retain employee talent.

Tax deductions coverage

Risk Factors

Businesses are always concerned about how much tax they should pay.


All businesses can claim a tax credit deduction for paying 401(k) plan-related expenses, including Employer contributions & administration fees.

Incentivizing performance coverage

Risk Factors

A profit-sharing contribution can be allocated among 401(k) plan participants using dramatically different formulas.


This allows an employer to allocate multiple contribution rates to different employee groups – or even a different rate to each employee. Employers often use this flexibility to administer larger contribution rates to business owners or other Highly Compensated Employees (HCEs). Still, it can also be used to reward employees for high performance.

What is a 401 (k) and how does it work?

A 401(k) investment plan allows employees to contribute a percentage of their salary to a designated retirement account. The 401(k) contributions are invested in a portfolio of mutual funds, stocks, bonds, money market funds, savings accounts, and other investment options. These deferred contributions are usually taxable only when the employee makes a withdrawal: typically at retirement. 401(k) plans offer a good way for employees to save money for their futures and for employers and employees to save on taxes.

401 (k) benefits

One of the primary reasons companies offer 401(k) plans is to attract and retain top talent at every level of the organization. In addition, a 401(k) is attractive to employees because it provides an easy, cost-effective way to plan for retirement by making tax-deferred investments fund contributions. But employees aren’t the only ones who receive tax benefits from a 401(k) plan—employers can also deduct contributions made to employees’ 401(k) accounts.

Benefits of contributing to a 401(k) include:
  • Saving money for retirement.
  • Tax savings due to contributing pre-tax dollars. Read the following guide for more details:
  • Is a 401(k) Match Contribution Tax Deductible?
  • Tax-free growth throughout the investment’s life.
  • Access to multiple investment options.

How much does a 401 (k) cost?

While you cover the hard dollar costs like set-up and administration fees, you’ll also want to consider the fees your employees are charged. This directly impacts how attractive they find the plan and their participation. Moreover, as an employer, you have a fiduciary responsibility to make sure the fees employees pay are reasonable and validated – or you can face fines for breaching your fiduciary duty.

A 401(k) is a sought-after benefit by workers, ranked one of the top five benefits for employee satisfaction. Offering one will improve your ability to attract new talent and show employees you value them and care about their financial futures. This, in turn, can encourage employees to stay with you over the long term, setting up your business for future success. Contact us today to know more.

Already have 401 (k)? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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