Today, most small business owners are seeking ways to recruit and retain higher caliber employees. One such way to achieve this goal is to provide employees with a benefits package that includes a 401(k) retirement plan. However, some small business owners are opting not to offer a 401(k) retirement plan as a part of their benefit package. Why? They believe that 401(k) retirement plans are too expensive and burdensome to maintain.
Canal HR Business Services can help you build a more attractive benefits package by offering a 401(k) retirement plan that uses Charles Schwabb Trust Company as custodian and directed trustee.
Canal HR Business Services handles all of the recordkeeping, federal reporting–including IRS Form 5500–, annual audit, and administrative cost associated with the 401(k) retirement plan. That way, our small business owners can concentrate more time and resources on building their own business.
Contact Canal HR’s internal 401k administrator, Deborah Talbott, for more questions about this program.