Best Financial Advisors in Sandy, UT

The 5500 form is an annual tax requirement for every 401(k) plan. It reports general contribution information and helps ensure plan compliance. 401GO will prepare the form, as well as sign and file it. We ask plan sponsors to review it before we file. Many providers will prepare the form but will not take responsibility to sign and file it.

Many 401(k) providers charge per eligible employee. 401GO charges only for those employees who actively participate in the plan. Our base price is $9/participant and we offer discounts for those with 50+ participating employees.

Many details differentiate a 401(k) from an IRA. The main difference is that only an employer can sponsor a 401(k) while an IRA is available without sponsorship. Another difference is the contribution limits. An IRA only allows for $6000/yr in contributions while a 401(k) allows for $20,500/yr (in 2022), depending on age. Employers are allowed to contribute matching funds AND profit-sharing funds in a 401(k), while these are not allowed in an IRA. And, 401(k) plans offer substantial tax benefits to employers, while IRAs do not.

An MEP is a Multiple Employer Plan. This is a 401(k) plan that has two or more unrelated employers within it. MEPs are usually sponsored by PEOs (Professional Employer Organizations), business associations, or chambers of commerce. Employers often choose to join an MEP because pricing is reduced using economies of scale, as well as a few other useful benefits. READ MORE

While some platforms compete with advisors, we recognize that they improve outcomes, so we actively seek to include them on as many plans as possible. We prefer our clients to have an advisor-led retirement experience. We offer advisors a robust partner portal that allows them to monitor their plans, pull reports, and even create fund lineups if they choose to. Ask us for a demo to get a full picture of all the features available.