(Newswire.net — June 15, 2016) Parsippany, New Jersey — Bauman, Noonan and Associates (BNA) has cited several benefits of hiring a 401k plan administrator. The company, which is based in Parsippany, New Jersey, is a provider of complete 401k administrative services to small business owners.
A 401k plan is a retirement savings plan that is sponsored by an employer. It has a provision that lets employees contribute a piece of their paycheck into the plan before taxes are taken out, making it a popular choice among employees since it allows them to have better control of their retirement savings. Employers also like them because they are the least inexpensive retirement plan when it comes to employer contributions. Employers are not at all obligated to contribute to the plan, and administrative expenses can simply be paid from plan assets.
However, 401k plans also come with a huge disadvantage. They require more record keeping and other administrative services than other types of retirement plans, making their administrative expenses higher. This is where hiring a 401k plan administrator, such as Bauman, Noonan and Associates, becomes beneficial.
Bauman, Noonan and Associates provides full 401k administration services to help employers solve every 401k related issue. They will help design the plan and show them how to accomplish it. They will take care of the record keeping, quarterly participant statements, as well as testing along with Form 5500 and 1099-R preparations. They will provide plan communication as well, including plan-specific explanatory material, onsite or online group meetings and individual investment counseling. Unlike most third-party administrators that charge for plan amendments and restatements, the company will offer free unlimited updates for legislative changes.
To further assist their customers, the company offers ongoing consultations throughout the whole year. Employers can contact them anytime for any 401k plan-related questions. Employers also have the option of instructing their employees to contact the company directly for all matters relating to plan participation, saving the business staff time and money.
Bauman, Noonan and Associates have a proven track record in the 401k administration industry. They have been around since 1970—a milestone that most of their competitors have not yet reached. What also makes them unique is their low annual fees starting at $375 a year for complete administrative and communication services. This low starting price is offered to employers that have invested 401k plans through a select number of companies which include John Hancock, MassMutual, Voya, The American Funds, Alliance, Transamerica, and many more.
About Bauman, Noonan and Associates
Bauman, Noonan and Associates is a provider of retirement plan administrative services. A 401k plan administrator since 1970, the company has a proven track record in the industry and offers complete administrative services for an affordable annual fee starting at $375. They are based in Parsippany, New Jersey.
Bauman, Noonan and Associates
40 Baldwin Road, Suite 2Parsippany, New Jersey 07054
United States
(800) 640-3895
terry@bna401k.com
http://www.bna401k.com/