Yes, I have been there and done that.
In my medical practice, I started out with a Keogh and a Pension Plan. It was expensive but let me put away more(Upto 50k a year).
Then I changed to a 401k plan(put away upto 17k/yr), the expense was more reasonable but they are lot of sharks in the field with bundled services, i.e they administer the plan meaning paper work and filing Form 5500 but then they limit you to the mutual funds with whom they have a relationship with, for investing your assets.
They get a back end undisclosed cut from these Mutual Funds or a front end load or in someway these mutual funds end up being costly to you.
Ex... some of these mutual funds are not low cost vanguard like mutual funds.
Most of the Medical practice employees do not contribute in the 401k, so you do not have to do any matching for them, whatsoever.
The best are the unbundled services, keep them separated
a)Keep one firm for administrating your 401K plan and
b)One for your Plan assets investments, something like Vanguard/Fidelity where you have the control and a large choice of low cost mutual funds.
The last I heard was that the Government was going after the Bundled Services Providers to make them disclose to their clients upfront, their compensation from the investment firms, which they limit their clients(You) to.
Now I stopped the retirement plan and have rolled over the assets into a IRA, as I practice part time now.
Come to think about it , in the present times we pay lower taxes, and people are paying the taxes on their saved assets in the IRAs to convert them to Roth IRAs and such.
Some employers it simple with no retirement plans, pay their taxes, save in taxable accounts and protect the assets with the Trust Accounts and such.
Good Luck
In my medical practice, I started out with a Keogh and a Pension Plan. It was expensive but let me put away more(Upto 50k a year).
Then I changed to a 401k plan(put away upto 17k/yr), the expense was more reasonable but they are lot of sharks in the field with bundled services, i.e they administer the plan meaning paper work and filing Form 5500 but then they limit you to the mutual funds with whom they have a relationship with, for investing your assets.
They get a back end undisclosed cut from these Mutual Funds or a front end load or in someway these mutual funds end up being costly to you.
Ex... some of these mutual funds are not low cost vanguard like mutual funds.
Most of the Medical practice employees do not contribute in the 401k, so you do not have to do any matching for them, whatsoever.
The best are the unbundled services, keep them separated
a)Keep one firm for administrating your 401K plan and
b)One for your Plan assets investments, something like Vanguard/Fidelity where you have the control and a large choice of low cost mutual funds.
The last I heard was that the Government was going after the Bundled Services Providers to make them disclose to their clients upfront, their compensation from the investment firms, which they limit their clients(You) to.
Now I stopped the retirement plan and have rolled over the assets into a IRA, as I practice part time now.
Come to think about it , in the present times we pay lower taxes, and people are paying the taxes on their saved assets in the IRAs to convert them to Roth IRAs and such.
Some employers it simple with no retirement plans, pay their taxes, save in taxable accounts and protect the assets with the Trust Accounts and such.
Good Luck
