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Why a 401k for 5 employees? Why not a SIMPLE?
I agree with Simple IRA. Direct with the fund family if possible
Owners want to put in $18.5k, vs $12k for simple
Gotcha. I use American Funds platform for smaller plans
I'm up against them for a plan.
Us a safe harbor 401k it is cheaper and American funds will help with the servicing. It gives the owners a higher contribution amount than a simple.
Ameriprise advisor here. It depends. We have multiple vendors and relationships available for small biz 401(k) plans. I’ve used Oppenheimer, Nationwide and Paychex.
Securian has a good one and amazing sales and customer support. Avoid ADP.