Setting Up A New 401(k) Plan

Setting up a new 401(k) plan consists of 4 simple steps:

  1. Select the investment advisor, third party administrator (TPA) and recordkeeper.
  2. Identify the objectives for the 401(k) plan design, 401(k) investment philosophy, and 401(k) contribution budget.
  3. Review the Plan Document created by the investment advisor.
  4. Educate and enroll the participants.

Once an investment advisor is selected, he or she can help you choose the TPA and recordkeeper. He or she will also create the Plan Document for your review and acceptance. Once employees are enrolled, your new plan will be up and running! Every year the investment advisor will review your plan and help update the 401(k) plan as needed.