It is unlikely that all employees are thinking about their retirement. It is thus an employer’s responsibility that their workers are provided for after they retire. A number of companies specialize as retirement plan providers for businesses of varying sizes. Below are some of the best in the business.
ADP
As one of the best retirement plan providers, it offers a variety of plans that suit different businesses’ needs. Plans range from the traditional 401k to profit sharing and new compatibility plans. They also allow employees the option of switching from their current plan to the plan that the employer is offering. Another added advantage is that it allows employees to check the amount and investments made in their retirement fund via an ADP app.
Paychex
This is one of the retirement plan providers to consider for flexible 401k plans. This includes traditional, safe harbor, owner-only, and SIMPLE (Savings Incentive Match Plans for Employers) 401k plans. Employers have the option of working with an adviser to decide how to invest retirement savings on behalf of their employees. Information relating to the plan can be accessed via their app or a dedicated website.
Vanguard
This is one of the retirement plan providers that specifically cater toward the needs of small businesses; they offer various kinds of 401k and IRA plans. The website is especially well designed and helps employers find all the information they need to choose the plan that will best suit their company’s needs. An additional benefit is that there is no minimum initial investment. This company also has a user-friendly app that employees can use to track their savings.
These are just some of the retirement plan providers from which employers can purchase plans for their employees. This will help safeguard their employees’ financial future after retirement.