ShareBuilder 401k specializes in online-managed 401(k) plans that feature exchange-traded funds as the primary investment vehicle. The firm says it will waive setup costs for all new plans beginning Monday, May 12 (the first day of National Small Business Week) and ending May 23.
“Our goal is to make it possible for all small businesses to obtain low-cost, simplified 401(k) plans for themselves and their employees,” says Stuart Robertson, president of ShareBuilder 401k.
By signing up online, businesses with two or more full-time employees can save $495 to $995 in setup fees while helping their employees get on the path to long-term financial security. Business owners without full-time employees can save $150 on a Solo 401(k).
Robertson points to data from the U.S. Small Business Administration showing more than half of U.S. employees work for a small business, yet only about a quarter of small business have a 401(k) plan. This is a major barrier to ensuring retirement readiness across the U.S. work force, he says.
To be eligible for free setup of a ShareBuilder 401k plan, business owners or plan fiduciaries must purchase an individual, simplified, customized or tiered profit sharing 401k plan at the ShareBuilder website by May 23 and enter “maysale” as the promotion code. From start to finish, the online sign-up typically takes about five minutes to complete, Robertson says. Only one offer applies per customer.