How To Set Up A 401(K) Plan - A Beginner's Guide
If you're planning on hiring employees, you may want to set up a retirement plan as a part of their benefits package. Generally speaking, small businesses will go with a 401(k) plan, which allows employees to put a portion of their pre-tax income into a retirement account and which allows businesses to contribute to that account (businesses have different ways that they can contribute, including matching employee contributions up to a certain amount). However, setting up a 401(k) plan can be a bit of a challenge if you've never done it before. The following is a beginner's guide on how to set up a 401(k) plan for your business.