SAN FRANCISCO, CA, May 1, 2013 — The Online 401k, a provider of low-cost retirement savings solutions for small businesses, formally unveils its Starter(k) solution. Starter(k) is the first payroll-deduction IRA designed specifically for small businesses with 100 or fewer employees.
“Approximately 92 percent of the smallest businesses do not have a retirement savings option for their employees, with cost and liability cited as two key reasons why they don’t,” says Chad Parks, founder and CEO of The Online 401k. “We believe that the Starter(k) solution will benefit those businesses that want to enable retirement savings without cost or complexity to their human resources function.”
As an IRA solution, Starter(k) fills the void where a 401k plan may not be the best solution for a small business owner who needs a simplified option to help his or her employees save for retirement.