Need to switch Safe Harbor 401K for my business

[23window]

I have a small business and set up a Safe Harbor 401K plan last year through Edward Jones (I know, I know). I was just informed that they will no longer act as custodian of my plan as of September of this year. They claim that new Dept of Labor regulations make it too difficult and expensive to administer small plans. I researched the new regs. They will make plan custodians, like Edward Jones, now have fiduciary responsibilities. Apparently they don't like those responsibilities. Is anyone else encountering this issue? Does anyone have experience with maintaining a small business 401K plan through Vanguard, Fidelity or others?

 

[Ronstar]

Interesting. I'm retired but still have my 401k through my employer. Custodian is Edward Jones also. We switched to a safe harbor plan about 4 years ago. I'll check for info and report back.


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[devans0]

I know of Vanguard, fiduciary duty is already in their structure. They are owned by the people who invest with them.

I cannot vouch others but I don't expect you to be unable to find others.

 

[Debinnov a]

I had a safe harbor plan for my business through my payroll company, Paychex. I know that they charged pretty high admin fees because they had to do particular testing, etc. to make sure that you were in compliance. I used them to manage my payroll because I had large weekly payrolls.

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