This year marks the second year of Starter 401(k) plans — simplified employer-sponsored retirement plans — giving millions of employees access to a brand new type of retirement savings program.
Because standard 401(k) plans are often too expensive or confusing for many small employers, only one in three businesses offer this type of retirement savings plan, according to the most recent data from Fidelity’s 2024 Small Business Retirement Index. Starter 401(k) plans increase access to workplace-based plans for both the employer and employee.
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