[USER]

I am considering proposing the implementation of a 401K plan to my employers in the upcoming winter, in place of our current Simple IRA plan.

I would like to know the likelihood of success and any essential information I should be aware of.

We are a small business, but we have a strong relationship with our employers, and I would like to extend this offer to some other key full-time employees as well.

[Kimberly]

Guideline is a good option for small business.

[Henry]

401k is significantly more expensive than a simple IRA. It can be an uphill battle

[Damon]

They can be significantly more expensive in terms of administrative costs, which is why some employers, especially smaller ones, don’t use them.

If you are going to bring a proposal you should have already done the research and have your numbers handy, even better if you can get the numbers on the existing plan and show why it makes more financial sense to use the proposed 401k over the Simple IRA.

[Endri]

I want to suggest a match to my employer, we do have a 401k but no match.

[Author]

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