Most 401k administration companies charge an annual minimum fee, which can be up to $2000, in addition to hefty set up fees. Because of this, most companies with fewer than 10-20 employees don't set up a company 401k plan. However, we have partnered with Human Interest to make this option affordable for small businesses.
Tell me more about Human Interest:
Human Interest makes managing the 401k for your employees painless as they offer a seamless integration with most payroll providers and have an online dashboard where you can manage your group account. They take care of all of the investing, but do offer employees the option to choose their investments. Once you go through the 15 minute set-up they take it from there and you do not have to worry about much more.
How much will Human Interest cost?
The costs to the company to use Human Interest are:
- One time setup fee: $499 (waived for SimplyInsured customers)
- Monthly base fee: $120/month plus $4/employee ($140.00/month minimum)
There is also a charge to the employees of 0.5% of assets, plus the cost of low-fee index funds that goes towards the automated investing service and trading fees.
Where can I sign up?
If you would like to learn more or take advantage of your SimplyInsured discount, you can visit Human Interest's site here:
If you have any questions about this, please submit a request to our customer care team at the link below: