If your business is finally profitable enough that you can begin offering your employees the 401K retirement savings account that you know will help them save for the future, then you may be excited to finally achieve this business milestone, yet feel worried you will make mistakes when setting up and/or running the plan that will lead to your employees not seeing the return on their investment dollars that you know they deserve.

Don't worry, because you are not alone, and that is why 401K TPAs exist. These investment professionals help business owners, like yourself, set up great 401K plans for their employees. If you want to learn more about 401K TPAs and one can help you, then read on. 

What are 401K TPAs?

401K TPAs, or 401K Third Party Administrators, specialize in helping business owners not only set up 401K plans for their employees but also proving as much assistance in running the plan as business owners need. 

Aside from helping you choose the right plan and options for your employees, just a few of other tasks these investment professionals can perform for you include preparing 401K plan documents, processing plan distributions, and preparing needed paperwork for any employee who wishes to borrow from their plan in the future.

A Stressful Task a 401K TPA Can Assist You With

Along with keeping your employees "in the loop" with what is going on with your company's 401K plan, you must also keep the IRS in the loop. You must do this by preparing and sending in several 401K "reporting and disclosure" documents annually.  

A 401K TPA can prepare and file these documents for you annually, so you have one less stressful task to complete each year. 

Additional Benefits of Using a 401K TPA

When a 401K TPA creates and manages your employee 401K plan, it can save you a lot of stress and time that you can then spend continuing to build your business. However, those are not the only benefits of seeking help from one of these 401K professionals. 

Working with a 401K TPA can also save your company money; since they work with so many business owners, they often invest in the same mutual funds and stocks time and time again, and when they combine your investment dollars with those of other companies, it can help all business owners involved save money on investment fees. In addition, this fact can also save your employees money when making their investments. 

Also, when you choose a  401K TPA that is a seasoned investment strategist, it can lead to your employees' 401K accounts growing quickly and steadily instead of slowly or not at all, and that will help you keep your best employees happy and with your company, even if it is still having its ups and downs. 

If you are finally ready to offer your employees 401K retirement savings accounts, then realized that there are seasoned 401K professionals who can help you make the right decisions during this stressful time, so you can continue to focus on your business and look forward to happier employees. 

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