This article is republished with permission from GoodCall
About This Interview: Andrew Meadows
At #FinCon15, we spoke with Andrew Meadows, of Ubiquity and producer of the film Broken Eggs, about saving for retirement. Broken Eggs is a film about America’s looming retirement and Social Security crisis Thanks for sharing your thoughts, Andrew!
Hello, I’m Andrew Meadows, and I’m from Broken Eggs Film and Broken Eggs Podcast. Today I’m here to talk to everyone about the best tips on starting a new 401(k).
401(k)s are for employers of all sizes, but here are the top three things that you need to know if you’re setting up a 401(k) soon.
First off, cost. Costs aren’t just on the front-end, but there’s a lot of back-end hidden fees, so make sure you know how much you’re paying out of the investments in your 401(k) plan before you buy.
Next up, it’s all about design. You want people to take advantage, but you don’t want to be taken advantage of as an employer. So make sure you’re designing the best plan for you and your business, because every business is just a little different.
And then last, it’s all about adoption rate. Who’s enrolling in your 401(k) plan? Is auto-enrollment right for you, or do you want to make sure people wait long enough to actually earn that benefit. So make sure you’re creating the best plan for your company, so that your employees actually use it, and you can attract new talent to your business. Again, your business of any size.