You’ll also need to set up the plan and communicate it to your employees. Finally, you’ll need to make contributions to the plan on behalf of your employees.
Conclusion
Offering a 401k plan to your employees can provide numerous benefits, such as attracting top talent, helping your employees save for their future, and providing tax benefits for your business.
As a small business owner with fewer than 10 employees, you may be eligible for a small business 401k plan, which can be a cost-effective option with lower fees and administrative costs.
To get started with a 401k plan, choose a plan provider, decide on investment options, set up the plan, and communicate it to your employees.