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Posted by liljacket on January 4, 2010, 4:57 pm
I am president of a small manufacturing company with less then 30
full time employees. We have about 10 employees that participate in
our SEP. My 2 partners(nolonger active in business but still recive w2
income from business) and I max out our 16K contributions+ 3% company
match( all 3 are north of 50 Y.O.). My salary is approx. 80k + year
end didvidend. I intend to do a lot of catch up in my retirment over
the next 10 years and like the idea of the 22k I can contribute in a
401K safe harbor plan. A agent from Principal is selling me on this
and wants to switch our R.Baird SEP to a Principal Group 401 K safe
harbor. Right now each employee spends $50 per year to Baird and as
near as I can figure Principal group will cost company Approx $1500
per year(no shared costs to employees at this point). They seem to
have a better retirment planning service for the employees included
and with Baird there is very little of this service as such we pay
very little. Also Principal guy would like everyone to sell all their
SEP and transfer for similar funds ... and collect the fees natch.
My question is this: How do I evaluate the fees and positives between
the two plans...trying to address employees needs along with my own
and be ethical to all. Kinda tired of getting advise from 2 "advisors
i.e; sales people" who intentions may not be unbiased? Should I seek a
pure financial advisor that i pay to see each employee or go with a
packaged deal like Principal and the ease of that. Sorry to ramble but
I have suspended SEP contributions for 2010 while I make this
decision. This group has always helped me so much in the p
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