401(k) Company | 401(k) Providers | Retirement Plan Providers (2024)

FAQs

Who is my 401k plan provider? ›

Who is my 401(k) plan administrator? Your 401(k) plan administrator is typically the employer that sponsors your retirement savings account. The name of this individual or organization will be listed on your retirement account statements.

401(k) fees can range between 0.5% and 2%, based on the size of an employer's 401(k) plan, how many people are participating in the plan, and which provider is offering the plan.

A 401(k) is an employer-sponsored retirement savings plan that offers significant tax benefits while helping you plan for the future. With a 401(k), an employee sets a percentage of their income to be automatically taken out of each paycheck and invested in their account.

Asking Human Resources is typically the most straightforward way to find your 401(k) administrator and figure out who manages your retirement savings account's day-to-day activities. The employer is almost always the plan sponsor.

Fortunately, making a 401(k) provider switch is typically a straightforward process. Your new provider should guide you and do the heavy lifting. In general, you'll just need to get them the information they need to do that.

401(a) and 401(k) plans are both employer-sponsored retirement savings plans. The key difference between the two is that 401(a) plans are typically offered by nonprofit organizations and the government, while private corporations offer 401(k) plans.

A 401(k) is a feature of a qualified profit-sharing plan that allows employees to contribute a portion of their wages to individual accounts. Elective salary deferrals are excluded from the employee's taxable income (except for designated Roth deferrals). Employers can contribute to employees' accounts.

Examples of defined contribution plans include 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans. A Simplified Employee Pension Plan (SEP) is a relatively uncomplicated retirement savings vehicle.

How to compare 401k providers? ›

You should compare your plan across four main areas: matching contributions, fees, options, and investment quality. If you find that your plan is more expensive or more limited than some others, you can talk to your plan administrator.

If you don't know whether your employer matches employee contributions, you should check the plan document to know if your employer offers 401(k) matching, and when it makes matching contributions. As long as the employer offers a match, you should contribute enough not to leave free money on the table.

A 401(k) plan can only offered through an employer. If you're self-employed or a freelancer, consider opening an IRA for your retirement savings. Many are available through banks and investment companies, so you can pick and choose the type of IRA you want.

There's absolutely no requirement to use your employer's 401(k). It's optional. But there are plenty of reasons why you'd want to. #1 being you don't want to miss out on free money if your employer offers a match.

Find 401(k) plan information through the Labor Department

By locating the company's Form 5500, an annual report required to be filed for employee benefit plans, you should be able to find contact information and who the plan's administrator was during your employment.

A 401(k) plan sponsor is typically the employer or organization that establishes and maintains the 401(k) plan for its employees. Their primary responsibility is to establish the plan and develop a plan document. They must ensure the plan document is written in a way that complies with all IRS requirements.