Ladies and Gentlemen,
In our efforts to implement a 401(k) plan for the company, I have finally found a promising provider. I need you to answer these two questions on this survey link, so I can determine if there are enough employees interested. Here are some information about the 401k plan:
**How this 401(k) Plan Works:**
Employee Cost (What the bank charges) - $7.00 per month, but this flat fee of $7 per month will not begin until your 401(k) savings reach $500 (An exclusive offer for SPI). Until that threshold is met, there will only be a small annual fee of 25 basis points (0.25%)—equivalent to $0.25 for every $100 in your account balance annually.
Last Will and Testament - Participating in the 401(k) plan grants you a complimentary "Last Will and Testament", valued at over $1,000.
IRA - If you have a current IRA, you will also have the option to add a personal IRA with no setup fee. The only ongoing costs will be a flat fee of $4 per month, plus the same 25 basis points annually. In the near future, these accounts will offer options like cryptocurrency investments.
Customer Service - You will have 24/7 access to your account, and a call center will be available during business hours to assist you.
401k Portal - The website is user-friendly. The plan automatically enrolls you at a 3% contribution rate into the most conservative pre-tax portfolio. However, you will have 30 days to make any changes or opt-out if you do not wish to participate.
Eligibility - 90 days from the hiring date
Company Match: There will be no company match during the first year. We intend to start a company match after the one-year anniversary of this plan, unless circumstances change. Our goal is to introduce some form of company match after 12 months.