401k Plan Design Questionnaire
If you are an employer and want to establish the best 401k plan, please complete this questionnaire. We will provide you with some suggestions, without obligation:
Who wants the 401k plan more?
Select from list
Employer
Employees
Equally desired by employer and employees
What do you think is the average percentage of compensation that owners and participants who earn more than $80,000 will contribute? (An estimate will suffice) :
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2%
4%
6%
8%
10%
Other, explain in comments below
What do you think is the average percentage of compensation that participants who earn less than $80,000 will contribute? (An estimate will suffice)
Select from list
2%
4%
6%
8%
10%
Other, explain in comments below
What will be the employer 401k matching contribution?
Select from list
0%
100% of employee contributions, maximum of 3% of compensation
50% of employee contributions, maximum of 2% of compensation
50% of employee contributions, maximum of 3% of compensation
Other, explain in comments below
Would you prefer a prototype 401k plan that is easier to administer or an individually designed plan that can accommodate more of your requirements?
Select from list
Prototype
Individually-designed plan
When do you want employees to be able to contribute to the 401k plan?
Select from list
Enter immediately on hire
3 month waiting period
6 month waiting period
1 year waiting period (maximum, by law)
Other, explain in comments below
Do you want to use a vesting schedule or vest 100% upon plan entry?
Vesting schedule
Vesting 100% upon plan entry
Which should be allowed?
Select from list
Loans
Hardships
Both hardships and loans
Neither hardships nor loans
Who shall direct the 401k investments?
Select from list
Employer
Employee
Other, explain in comments below
Where do you want 401k investments to be made?
Select from list
A single family of funds (usually mutual funds)
Other, explain in comments below
Who will pay the 401k investment expenses?
Select from list
Employer
Employees
Other, explain in comments below
Who will facilitate necessary 401k employee communications?
Select from list
Employer will do all
Outside firm will do all
Employer and outside firm will both do some
Will you present an enrollment meeting to employees or do you want an outside 401k service provider to do this?
Select from list
Employer will do
Specialized communications firm will do
Other, explain in comments below
What investment education and information do you want provided to participants?
Select from list
An explanation of investment options available under the plan
Personal financial counseling
A basic understanding of investments in general
A combination of the above
How will the 401k plan be administered?
Select from list
By an outside service provider, specializing in this function
By a bundled service provider such as a mutual fund
Explain in comments below
How important is limiting 401k administrative costs at the expense of having a successful program?
Select from list
Not too important
Somewhat important
Very important
Who will pay the 401k administrative expenses?
Select from list
The employer
The employees
Name
Company's Name
Phone Number
E-mail Address
Date 401k Plan was or will be established
Number of Employees
Comments
Describe your relationship to the employer (e.g., owner, human resource assistant, payroll manager, human resource director, outside consultant, participant, etc.) .