When you decide to start a 401(k) retirement plan, the first step is to partner with a plan administrator. A 401(k) plan administrator can assist with the plan set up and management for a certain fee.
Who is a 401(k) Plan Administrator?
A 401(k) plan administrator can be an individual or a party who has the responsibility of setting up and handling all the aspects of the 401(k) retirement benefits program. A person from the company such as the owner or employer, a group of top-level executives, or a third-party can be the plan administrator. Most of the companies partner with a third-party to take up the duties of a plan administrator as there are several aspects involved in plan management.
Duties of a 401(k) Plan Administrator
Some of the key responsibilities and duties of a 401(k) plan administrator are:
