I administer benefits for a small business -- we're looking to add Roth 401ks to our benefit offering -- where can I find a reputable, and hopefully low cost and online administrator of these plans? We're looking for something like what www.paycycle.com does for payroll. We've seen lots of regular 401k sites, but anyone know of a company that does Roth 401ks?
2006-09-12 17:20:34 · 5 answers · asked by A M 2 in Business & Finance ➔ Investing
There's no such thing as a "Roth 401-k". There are Roth IRAs and 401-k plans.
IRA stands for "individual retirement account" (translation: it is controlled by the individual in whose name it is opened), so there is no need to "administer" an IRA, especially a Roth IRA, which is funded with after-tax money.
You need to look into SIMPLE and SEP plans...
2006-09-12 17:36:21 · answer #1 · answered by NC 7 · 0⤊ 1⤋
The above is incorrect...Roth 401k's were introduced this year. See Roth 401k article: http://themoneyalert.com/NewestRoth401K.html
Most of the major mutual fund companies will administer Roth 401k's, just like they would Roth IRA's or Traditional IRA's.
If your looking for a "low cost" online solution I'd look into the no-load fund companies, but not sure if they have what your looking for. The inherit problem with small plan 401k's are the costs and Safe Harbor requirements.
In your case I'd definitely find a reputable investment advisor to work with. Your employees could probably use the guidance and an advisor would/should do all the work, saving you the headaches and liability.
2006-09-12 19:14:27 · answer #2 · answered by RV 2 · 0⤊ 0⤋
Hello -- I am a financial advisor and though I have not worked with roth 401ks (yet) I know some mutual fund companies offer them such as American Funds. I'm not aware of an online administrator for a variety of plans. these are just too new I guess.
http://www.americanfunds.com/retirement/employer/roth-401k-and-403b.htm?r=o
2006-09-12 19:07:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋
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2016-12-15 07:09:11 · answer #4 · answered by ? 3 · 0⤊ 0⤋
If you live in Long Island, Queens, or Brooklyn, NY I can set up an appointment for you with an agent of Primerica Financial Services (#1 Financial Services company in America) If you are interested email me @ earthangel8418@yahoo.com, my name is Angel
2006-09-12 17:41:11 · answer #5 · answered by ANGEL 2 · 0⤊ 1⤋