So I've been tasked with finding us a less expensive 401K plan at my organization -
more about that here- currently with only 4 employees contributing, we pay $600/quarter just in administrative and recordkeeping fees to fidelity. My work wanted to take it away entirely and move us into IRAs - which of course doesn't work for me because I already max out my IRA.
Unfortunately, I thought I had found a solution in Vanguard small business 401K or 403b, but the administrative costs are even higher - $3500/year with a $1000 startup fee. The Simple IRA has no fees but requires a match - 2% or 3% and we currently can't afford that either.
I'm really struggling. I love my job, but if the 401K is taken away, I might just walk (at least I have some FU money). I proposed coming up with a cheaper solution, but the amount we're paying right now actually turns out to be a pretty good deal for the recordkeeping.
Some mustachians must own small businesses or act as the fiduciary for them? Any suggestions I haven't turned over yet?