Low costs
Transparent pricing so you know what to expect and the possibility to receive up to $5,000/year in tax credits when you start a 401(k) plan, plus $500 for choosing automatic enrollment.[1]
Simple Solutions
Set up your 401(k) online by selecting from ready-to-use plans or customize a plan to suit your needs.
Stronger retirement savings
Help employees plan, save, and invest for their future with a trusted firm that delivers industry-leading insights and tools.[2]
Choose the right 401(k) plan for your business
With plans starting as low as $75 per month plus $5 per participant per month, there’s something for everyone.
If you’re converting from an existing plan, there’s only a $300 fee.
Work with your advisor to choose from one of the preset plans below or customize your own to meet your needs:
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, unless the employee opts out. A number of state legislatures have already passed laws to create these mandatory programs and several more states have been considering them.
As of August 2021
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 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.
2J.P. Morgan Guide to Retirement won the 2012 RIIA Retirement Income Communications award, the 2014 MFEA STAR Award for retail education and the 2015 WealthManagement.com Industry Award for Thought Leadership – Investing. In addition, in 2018 it won “Highly Commended” in the “Best Pensions Paper 2018 (North America)” category: https://www.savvyinvestor.net/blog/awards-best-pensions-white-paper-north-america-2018, and most recently won the Investment Management Education Alliance (IMEA) Star Awards for “Retirement Ongoing Education”. Target Date Compass 2018 Investment Management Education Alliance (IMEA) Star Award for “Retirement - Digital Innovation”. Participant Communications is a 6x Award winner for overall retirement communications and has earned 10+ Awards for enrollment, education & mobile communications.
What is a 401(k)?
By offering a 401(k) plan, you can enable your employees—and yourself—to start saving for retirement.
Employees can choose what percentage of their pay they would like to save, and whether they would like to pay taxes now or later. They can also choose from a selection of funds in which to invest. And once they reach a certain age, they can start taking money out, giving them a new source of income for their retirement. The plan will automatically deduct a percentage of earnings from each paycheck and invest those earnings so they can grow, tax-efficiently, year after year.
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INVESTMENT AND INSURANCE PRODUCTS ARE:
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401(k)s Made Simple by J.P. Morgan.
Narrator:
A 401(k) is an employer-sponsored retirement plan that allows you to contribute a portion of your paycheck to save for retirement.
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On an open windowsill, seeds drop into a flowerpot marked "401(k)."
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The money you contribute has the potential to grow tax free over time.
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Two small flowers sprout up in the flowerpot. A tracking tool next to the flowerpot, labeled "Age," shows an increase from 30 to 65 in increments of 5.
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When you’re ready and able – for example, when you retire – you can start withdrawing funds. Keep in mind that different plans may have different terms and conditions for when you must start withdrawing. So please check with your employer or plan representative.
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A breeze takes one of the flowers from the pot.
Narrator:
There are two main types of 401(k)s. With a traditional 401(k), you can contribute pre-tax dollars and delay paying taxes until you withdraw funds. With a Roth 401(k), your contributions can only be made with after-tax dollars, but you won’t have to pay taxes on withdrawals as long as you meet certain IRS requirements.
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A flower grows in the flowerpot that was previously labeled “401(k),” and is now labeled "Traditional." A flower grows in another flowerpot labeled "Roth."
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Traditional: Pre-tax $.
Roth: After-tax $.
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Tax savings might not be the only benefit. Under both types of 401(k) plans, some employers will match a portion of your contributions, which may give you the opportunity to invest more towards your retirement. The more you contribute, the more your employer or plan representative may match up to a certain amount. Talk to your employer for details on whether there is a match, and if so, how it works so you can take advantage.
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The "Traditional" and the "Roth" flowerpots both have three flowers.
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And with either type of 401(k) plan, you can typically control how your money is invested. If you’re looking for more of a hands-off approach, many 401(k)s offer target date funds that automatically shift its mix of investments over time based on your estimated retirement date.
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Rain sprinkles down on an outdoor garden with a picketed fence, causing a bed of flowers to grow.
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Or if you prefer a do-it-yourself approach, some 401(k)s provide investment options that let you build and manage your own portfolio.
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The flowers continue to grow as a watering can sprinkles them under a sunny sky.
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If you switch jobs, you typically may be able to keep the money in your old 401(k), or take it with you by rolling over your funds to your new employer’s 401(k) plan, or to another type of retirement account such as an IRA.
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Three flowers from the garden go into a vase.
Narrator:
Ask your employer or plan representative about plan options available in your workplace. If your employer offers a 401(k), ask about the features and start saving for the retirement you deserve.
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Investing involves market risk, including possible loss of principal, and there is no guarantee that investment objectives will be achieved.
Asset allocation/diversification does not guarantee a profit or protect against a loss.
Past performance is not a guarantee of future results.
JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal, or accounting advice. This information is not intended to provide, and should not be relied upon for tax, legal, and accounting advice. You should consult your own tax, legal, and accounting advisors before engaging in any financial transaction.
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Why should I start a 401(k)?
Many businesses have been forced to rethink the products they offer, how they serve their customers and what it means to be part of a team. And employees are leaning into some of the new realities of work — virtual, contactless or spatially distanced.
This is the time to keep building on your progress. As your business moves ahead in a changing marketplace, you have an opportunity to strengthen your relationship with your most valuable asset — your employees. A 401(k) plan shows that you’re invested in your team’s long-term success.
Here are four reasons why now is a great time to offer a 401(k) at your company:
Talent matters more than ever
Creativity and efficiency are huge competitive advantages. The knowledge and experience that key employees bring to the table are exactly what your business needs to keep moving forward. It’s more important than ever to invest in people who understand your business, have ideas for growth and can jump in to get things done
You can be a leader - for your employees and your industry
Benefits are important to high performers, especially as they start families or begin to think about retirement. The fact is, employees need help saving for retirement, and they’re looking to their employer for guidance. According to a recent survey, 76% want encouragement to save for retirement.[1]
As a business owner, you know how hard it is to retain talent. A 401(k) plan can help you stand out, especially during challenging economic times. In fact, 82% of employers identified that retaining quality employees was an important goal for their retirement plan.[2]
Including in a 401(k) plan as a benefit can make a big difference in the lives of employees. A survey found that employees found that 83% of workers participating in a defined contribution plan are confident about their retirement.[3]
Retirement plan costs are going down
Overall, total retirement plan costs have declined 4% since 2015, dropping slightly in each of the subsequent five years.[4]
For example, Everyday 401(k) by J.P. Morgan starts at $75 per month plus $5 per month per employee. That means you can offer a team of five a retirement plan for as little as $100 per month.
When you factor in tax credits currently offered by the U.S. government, your costs can go even lower. Right now, a business can receive up to $5,000 per year in tax credits for the first three years after starting a 401(k) plus an additional $500 for choosing automatic enrollment.[5]
It’s easy to get started
Everyday 401(k) offers simple solutions that allow you to set up your 401(k) online by selecting from ready-to-use plans. You also have the option to customize the plan even further to suit your needs.
What are the benefits of a 401(k)?
Every advantage makes a difference to a business on the rise. An Everyday 401(k) plan by J.P. Morgan can help you acquire and retain top talent while building stronger retirement savings for you and your employees.
1 J.P. Morgan Plan Participant Research, 2021.
2 J.P. Morgan Plan Sponsor Research, 2019.
3 Employee Benefit Research Institute (EBRI) and Greenwald & Associates, 2020 Retirement Confidence Survey.
4 401k Averages Book, 2021. 401ksource.com
5 Under Internal Revenue Code Section 45E, 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 plan if the plan has at least one participant who is not a highly compensated employee.
6 Employee Benefit Research Institute (EBRI) and Greenwald Research, 2021 Retirement Confidence Survey.
7 Under 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 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.
This is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. JPMorgan Chase & Co. and its affiliates do not provide tax, legal or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal or accounting advice. The client should consult its own tax, legal and accounting advisors for advice before engaging in any transaction.
In no event shall J.P. Morgan Asset Management, JPMCB, N.A. or any of its directors, officers, employees or agents be liable for any use of, for any decision made or action taken in reliance upon, or for any inaccuracies or errors in or omissions from, the information herein.
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