401(k) Retirement Savings Plan

Savings for You

You’ll experience significant savings when you add the TLC 401(k) Plan to your benefit offering! Once you’ve made the decision to outsource your payroll with us, you’ll find you can reduce your burden even more with the TLC 401(k) Plan. In addition to your costs going down—in most cases it’s free to offer the TLC 401(k) Plan to your employees—any of your time that would be spent on managing your 401(k) plan can now be spent on other productive areas of your business.

How much savings will there be? Consider your current administrative costs and plan fees to maintain a retirement plan for your employees—THAT’s your savings, because in most cases it’s FREE to offer the TLC 401(k) Plan to your employees. Or, if you don’t currently offer a plan, consider the recruiting and retention benefits of offering a retirement plan with top-rated mutual funds, payroll-deducted savings, and user-friendly retirement tools and resources—at little to no cost to you.

Better Benefits for Your Employees

The TLC 401(k) Plan is a multiple-employer plan. That allows us to do the work for you, while you still have some plan design options. It also means the plan has buying power, and is able to offer best-in-class mutual funds in a broad range of categories for your employees to invest in and build their nest egg. TLC takes care of employees’ contributions, which are deducted right out of payroll, making it easy for employees to save for their future. TLC also takes care of remitting contributions to the plan, and all other administrative responsibilities, making it easy for you to be the good guy—helping employees with their savings. You can even offer match or profit sharing benefits to sweeten the pot.

Standard Features

Full Plan Administration:

TLC is the plan sponsor and along with our vendor partners, we handle employee communications, employee enrollments and changes, employee payroll deductions, remitting deposits to the plan, recordkeeping, online accounts, statements, distributions, plan audits and reporting requirements. You adopt the plan and tailor certain features to your business needs.

Flexible Plan Design:

You can tailor the plan to suit your business needs, including:

  • Employee Eligibility—from immediate up to 1 year
  • Optional Employer Contributions—including match and profit sharing
  • Vesting Schedule for Employer Contributions—from immediate to 6 year schedule
  • Optional Safe Harbor Contributions—can help key employees’ participation

FREE/Low Cost to You:

You pay ZERO employer administrative fees when 9 or more employees participate in the plan.  If fewer than 9 employees participate, the low quarterly fee to you ranges from $9 to $78 (between 1 and 8 participants, more participants equals a lower quarterly fee!)

Low Cost to Participants:

Participant accounts are charged a low annual account maintenance fee of $39 and very reasonable asset management fees. Mutual funds in the plan have very low expense ratios—among the lowest in their respective asset categories. All fees are fully transparent on participant statements.

User-Friendly Website and Tools:

Our plan administrator offers a best-in-class website and online account access, with retirement planning tools, paperless statement option, and a responsive customer service team. You can opt to receive a monthly status email about your employees’ participation in the plan. Participating employees can opt to receive a weekly status email about their account balance with a brief market update.