Wanted to inquired about establishing 401K plan: not solo K but employer-sponsored 401K
I am in a private practice with 7 physicians, 4 NP, couple of RNs and MAs. My group used to have retirement plan (presumed 401K0 offered to all of its employees but did away with it several years ago apparently due to cost.
All 7 of us are partners in the group. We all take W2 income.
I wanted to get some basic information about start up and maintenance costs of establishing a 401K plan.
Does it HAVE to be offered to all of the employees or can it be restricted to just a subsection of the practice? like physicians and NPs or RNs with so much longevity, etc.
I know that exact details about setting this up requires more information; I read Kon Litovsky's post in the past but I left with more questions than answers. So would appreciate some general information regarding feasibility and pricing.
Thanks as always.
I am in a private practice with 7 physicians, 4 NP, couple of RNs and MAs. My group used to have retirement plan (presumed 401K0 offered to all of its employees but did away with it several years ago apparently due to cost.
All 7 of us are partners in the group. We all take W2 income.
I wanted to get some basic information about start up and maintenance costs of establishing a 401K plan.
Does it HAVE to be offered to all of the employees or can it be restricted to just a subsection of the practice? like physicians and NPs or RNs with so much longevity, etc.
I know that exact details about setting this up requires more information; I read Kon Litovsky's post in the past but I left with more questions than answers. So would appreciate some general information regarding feasibility and pricing.
Thanks as always.
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