Would you like to get the service, fees and fiduciary protection comparable to a much larger institutional sized plan? You’re not alone. There are thousands of employers just like you wanting a solution to get rid of your 401(k) plan’s high fees and lack of service.
Less Cost: Payday HCM can typically reduce the cost of your 401(k) plan by 30% to 50%. With the ability to aggregate large numbers of employers’ costs together, we have been able to negotiate extremely competitive rates with top-service providers whose platforms would normally be cost restrictive to most individual companies.
Less Risk: Most 401(k) providers avoid fiduciary roles and won’t take any of the fiduciary risk. We take a different approach: we appoint professional fiduciaries to all of our plans. These professionals will sign and act in all three key fiduciary roles for you.
- Plan Administrator, 3(16)
- Plan Sponsor/Trustee, (402 named Fiduciary)
- Investment Manager, 3(38)
With these fiduciary roles transferred away, you will have more time to run your business, assured that these functions are managed by professionals.
Institutional-grade investment options: With true open architecture, no proprietary funds or revenue share, your employees will not bear the burden of high-cost funds. The Payday HCM plan utilizes best-in-class, low-cost target-date funds, managed-risk based models and a large array of institutional mutual funds covering all of the major asset classes.
Less Work: It takes an estimated 30-40 hours a year for you to manage your 401(k) plan. How would you like them back? With Payday HCM payroll integration and the third-party administrator taking on many additional responsibilities, such as eligibility tracking, processing loans and distribution requests, your efforts will be significantly reduced in the day-to-day responsibilities of managing the 401(k) plan.
Choose Our Retirement Plan Solutions: It is never too late to help your employees save for their retirement while ensuring greater employee retention in your company. You have made the right choice in hiring them for the right job, now you can help them with the right retirement plan. Let us help you through the process.