5 things to consider when choosing 401k Administrator
There are obvisously many things that you should take into consideration when choosing a 401k Administrator. However here are 5 things to consider
1. Price is always an issue whether you are choosing a 401k administrator or buying a car. However when it comes to a 401k administrator the price can change dramatically. Some 401k administrators charge a per head fee or per employee fee, which are in addition to the annual fee the 401k administrator charges. When choosing a 401k administrator for a small group, choose one that charges a flat fee. For larger groups over 50 employees, per head or per employee fees are common and you just need to look for the lowest per head fee.
2. To often, a 401k administrator will assign you a customer service representative to answer your questions. While a customer service representative can help you with the basic stuff, they can’t help you with the more complex stuff. When you really need to talk with someone about a problem, just trying to get a supervisor on the phone can be a nightmare. When choosing a 401k administrator you will want someone who is not only knowledgeable, but that is reachable by phone or email.
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