Vanguard as 401k provider question

Discuss all general (i.e. non-personal) investing questions and issues, investing news, and theory.
Post Reply
Topic Author
Aku09
Posts: 95
Joined: Wed Jan 09, 2019 10:29 am

Vanguard as 401k provider question

Post by Aku09 »

So I am in a small group of 3 full time employees and one part time. Up until now we have had a simple ira and are switching to a 401k so we can save more as the 3 full time employees are all high income earners. We don’t have an office manager or anything so we need something that’s relatively easy and hassle free. Vanguard was decided as the 401k provider as they wanted a well known entity and a flat fee cost structure.

So we had a call setup yesterday to start going over everything so we can have it start at the beginning of the year. During the call the lady basically said this is the first step and wants us to be ready for the next one next week (she didn’t really say what information she will want/need then). She did say things like we would be responsible for sending statements to everyone and doing other things which adds on to the time burden (small but little things add up)

The guy who is handling the finances for the group is worried that this is going to be an ongoing thing and take a lot of time to setup and also maintain once it is setup. Anyone who uses vanguard as their 401k administrator what would you say you have to do monthly to keep up with everything? With our simple ira it’s really just sending money to the brokerage every month, but this seems much more involved. Immediate emails sent to the person the meeting was with yesterday have not been answered.
Post Reply