Carta open forum

We're ready to add a 401k plan to our benefits. If you offer one, could you please share feedback on what company you are using and how you like your current provider?

We are currently looking at: Guideline, Betterment, Penelope, and Human Interest and we have 15 employees and use Gusto for payroll.

Thank you!

Melissa

We use Human Interest and have been satisfied.

I have hear good things about Betterment, but have never been a client.

My company uses Guideline for our own 401(k) and we also recommend it to clients--so I have experience on both the individual and administrator side. 

On the individual side, it is very easy to make changes within your account--both in terms of contribution rate, and asset allocation.

On the administrator side, it was a pretty swift integration with our payroll (Rippling).

Pricing-wise, I think Human Interest has a higher base per-month charge, but lower per employee charge. However, depending on your company's participation rate, it may make a difference to you that Guideline charges its per employee per month charge for active participants, whereas it looks like Human Interest charges that rate on eligible employees.

I'd recommend going with more than the basic plan, whichever company you choose. Ensure that the company will file the Form 5500 with the IRS for you, and if you do not opt into a safe harbor plan, make sure that you're comfortable with the compliance testing/monitoring available in your selected plan.