Tech-Head Tuesday: Easily start a 401k plan with Gusto!
by Joshua Lance, CPA, CGMA, Managing Director
Retaining employees is key to the success of any business. Human Capital is one of the biggest asset’s of a business and it is important to provide benefits, among other things, in order to keep your employees happy and on your team for the long term. However, most small businesses lack the resources or believe providing benefits is too costly. 401k plans, a traditional benefit provided by larger businesses, has either typically been to costly to implement for small businesses or requires too much administration to operate. This is no longer the case thanks to a partnership between Gusto and Guideline. Now you can easily start a cost effective 401k plan with Gusto.
If you are a Gusto customer, you can now provide your employees with a 401k plan for only $8 a participant per month. You set up your plan with the partnership with Guideline, a 401k administrator and custodian, who takes care of all of the heavy lifting with the plan. The 401k plan is integrated directly with Gusto, so that your employees can manage their contributions to the plan and you can monitor the plan as a whole; all while still in Gusto. All contributions sync directly with payroll so there is no added administration on your end. Now small businesses can provide a key benefit to employees at a low cost to themselves, which allows you to compete with larger businesses in retaining your employees and help your employees save for the future.
If you are interested in getting this benefit setup for your company, please feel free to reach out to us and we can help you get setup with the 401k plan or we can even get you setup on Gusto so that you can implement this plan in the future.