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Financial Planning / Foolish 401(k)s


Subject:  Re: Business 401k or not? Date:  7/14/2012  8:13 PM
Author:  BigOFool Number:  24919 of 26270

Thanks everyone for your help!

Bill you got all the assumptions correct. I have a couple of questions:

First you wrote " part timers provided that they do not work 1,000 hours, are under 21 and have been there less than 1 year. If someone hits all 3 of those marks, they will be eligible" did you mean over 21.

Second, if I had eligible employees can the 401k be created without a match option? If the has to be a match option is there a minimum percentage that has to be mathed?

I know I should consult a professional to set this up but I want to e well informed before doing so. I have read many post on this board Ang feel that you guys have a lot more knowledge tan me and will send me in the right direction.

Do any of you recommend any specific company to create the 401k? I know intuit provides this service for small businesses. I do my payroll with them and have quikbooks online and I thought it might be a good fit.

Again thank you all for all your help/advice.

Big O
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