Choose from our 401(k) options with Mesirow as the 3(38) investment fiduciary
401(k) plans for small business clients
Call us and speak to one of our Retirement Plan Client Advisors for more information: 844-546-5576
Or, you may serve as the 3(38) investment fiduciary for your client
Low costs
Transparent pricing so your clients know what to expect and the possibility for them to receive up to $5,000/year in tax credits when they start a 401(k) plan, plus $500 for choosing automatic enrollment[1] and a tax credit for the employer contributions of up to $1,000/employee.[2]
Simple solutions
Set up your client's 401(k) online by selecting from ready-to-use plans or customize a plan to suit their needs.
Stronger retirement savings
Help employees plan, save, and invest for their future with a trusted firm.
Cost and fees for our most popular bundled solutions
All 401(k) plan options come with an assigned client success manager, investment fiduciary services, a co-fiduciary to help with day-to-day running of the plan and integration with many payroll providers. Additional plan options are available.
Core - Safe Harbor Plan
Built for business owners who want to make an employer contribution.
$100 per plan per month*
$6 per participant per month**
- Easier plan administration
- Automated record keeping and plan testing
Choice - Non-Safe Harbor Plan
Built for business owners who want increased flexibility in choosing plan features to meet their goals.
$120 per plan per month*
$6 per participant per month**
- More flexibility to customize the plan, including basic profit sharing
- No required employer contributions
- Support in conducting additional plan testing
Plus - Customizable plan design solutions
Built to help maximize business owners' savings and provide the most customization of plan features.
$155 per plan per month*
$6 - $8 per participant per month**
- More flexibility to customize the plan, including new comparability profit sharing
- No required employer contributions
- Support in conducting additional plan testing
Third Party Administrative (TPA) solutions are also available to address more complex plan design needs. Download the Everyday 401(k) brochure below and refer to page 6 for more information.
We also have Everyday 401(k) plan options where the Advisor serves as the 3(38) investment fiduciary. Reach out to our Retirement Plan Client Advisors for more details on this.
* A one-time $500 Start-up fee for new 401(k) plans is due upon signed agreement.
* if you are converting an existing 401(k) plan, there's a $750 conversion fee. No Start-up fee is due for conversions.
** the monthly participant fee is typically paid by the participant. The employer may choose to cover this.
Everyday 401(k) uses an independent 3(38), Mesirow, to offer a R6 share class fund lineup
Help explain the benefits and options of an Everyday 401(k) plan to your clients
If your client already has a 401(k) but is considering moving their plan, they can convert to Everyday 401(k)
Reach out to our Retirement Specialists to learn more about tax credits available to small businesses offering a retirement plan for the first time. Call 844-546-5576
State-mandated legislation
There is a developing trend among states to enact legislation requiring employers without retirement plans to enroll their employees in a payroll deduction individual retirement account (IRA) program run by the state. Employers will be required to automatically enroll their employees in the plan unless they actively opt out.
Select one of the four tabs directly below to locate your state. For all those that have passed legislation, you can click on the state in the map (or in the legend) for details.
Last updated: February 2025
States with Launched Programs
California
CalSavers Program
- September 30, 2020 – Employers with at least 100 employees
- June 30, 2021 – Employers with 50-99 employees
- June 30, 2022 – Employers with 5-49 employees
- December 31, 2025 – Employers with 1 + employees
Automatic enrollment into a Roth IRA
Employers who don’t offer a workplace retirement plan and have one or more California-based employees.
Employers who fail to comply with the CalSavers program could face penalties of $250 per eligible employee after 90 days of being served notice, and up to $500 per eligible employee if non-compliance extends past 180 days.
Source: https://www.calsavers.com
States with Legislation Programs Under Construction
Hawaii
Hawaii Retirement Savings Program
EFFECTIVE DATES
- TBD
WHAT TYPE OF PLAN IS OFFERED?
Employers must offer employees the option to opt into a payroll deduction IRA program.
WHO MUST COMPLY?
Employers who have at least one employee, have been in business for more than two years and who don’t offer a workplace retirement plan.
NON-COMPLIANCE PENALTY
Employers who fail to enroll covered employees can be subject to a penalty of up to $50 per month for each employee and would be liable to the employee for the amount of the contribution that would have been made for that employee plus interest at the annual rate of 6%.
Source: https://www.capitol.hawaii.gov/sessions/session2022/bills/SB3289_.HTM
Legislation has been introduced but has not yet passed in the following states:
- Arizona
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Michigan
- Mississippi
- Missouri
- Ohio
- Oklahoma
- Pennsylvania
- Texas
Legislation has not recently been considered in the following states:
- Alabama
- Alaska
- Arkansas
- Florida
- Georgia
- Idaho
- Indiana
- Iowa
- Montana
- Nebraska
- New Hampshire
- New Mexico
- North Carolina
- North Dakota
- South Carolina
- South Dakota
- Tennessee
- Utah
- West Virginia
- Wisconsin
- Wyoming
If you would like to learn more about Everyday 401(k) for your small business clients, call us and speak to one of our Retirement Plan Client Advisors: 844-546-5576
1Under the SECURE Act, tax credits may be available to help you offset your first three years of plan startup costs in an amount equal to 50% of qualified startup costs paid or incurred, but limited to the greater of (1) $500 or (2) the lesser of (a) $250 for each non-highly compensated employee who is eligible to participate in the plan or (b) $5,000. In general, “qualified startup costs” are ordinary and necessary expenses of an eligible employer which are paid or incurred in connection with the establishment or administration of an eligible employer plan, or the retirement-related education of employees with respect to a plan if the plan has at least one participant who is not a highly compensated employee. Employers should be advised to consult their tax advisors concerning eligibility for the credit. The Secure 2.0 Act, enacted December 29, 2022, extended the $5,000/year tax credit for the first 3 years to 100% of qualified startup costs for businesses with 50 or fewer employees.
2Under Internal Revenue Code Section 45E(f), added by the SECURE 2.0 Act, businesses with 50 or fewer employees may qualify for tax credits for employer contributions for eligible employees (i.e., those who make $100,000 or less). In the first 2 years of the plan, the credit is 100% of the employer contribution capped at $1,000/eligible employee, in year 3 of the plan it is 75% of the employer contribution capped at $1,000/eligible employee, in year 4 of the plan it is 50% of the employer contribution capped at $1,000/eligible employee and in year 5 of the plan, it is 25% of the employer contribution capped at $1,000/eligible employee. This credit is phased out for employers with 51 – 100 employees.
The 3(38) Fiduciary Partnership Service is provided by Mesirow and available through J.P. Morgan Everyday 401(k) (“J.P. Morgan”). Mesirow acts as a fiduciary under ERISA Section 3(38) with respect to the services described in the Investment Manager Agreement but is not acting in the capacity of adviser to individual investors. Mesirow is not affiliated with J.P. Morgan or its subsidiaries and affiliates. Mesirow refers to Mesirow Financial Holdings, Inc. and its divisions, subsidiaries and affiliates. Advisory services are offered through Mesirow Financial Investment Management, Inc., an SEC-registered investment advisor. The Mesirow name and logo are registered service marks of Mesirow Financial Holdings, Inc., © 2023. All rights reserved.