Spark 401k is an employee retirement plan service offered through Capital One to help small business owners and their employees prepare for the future. This solution works with businesses of all sizes, and it offers plenty of retirement-plan options to meet the needs of you and your employees. With Spark 401k, you can transfer an existing retirement plan into the new one, integrate it with your existing payroll service, and receive advice from professionals to help you make the best decision for your business and employees.
This retirement plan solution works with a range of businesses, whether you are a sole proprietorship or have more than 1,000 employees. Business owners can choose from an Owner-Only plan, and if you have full-time, W-2 employees, an Employee-Based plan or a Safe Harbor plan. There are different matching, vesting and profit-sharing options available, and a Spark 401k advisor will work closely with you to help you determine the right plan for you.
If you have employees you plan to provide a 401(k) to, when they enroll with Spark 401k, they receive access to an online account where they can view information about their retirement plan. Additionally, employees can enroll and view statements online as well.
However, this 401(k) provider does not provide a mobile app, which would allow you and your employees to access account information anywhere using a smartphone or tablet. Capital One has an investment app, but it isn't exclusive to retirement funds. Instead it's focused on other investment strategies and providing live stock market data.
Another advantage to using Spark 401k is the ability to transfer a current 401(k) account to a new account for easier record-keeping and management. Furthermore, this employee retirement plan service assists with compliance testing and tracking. Also, many vesting and employer-contribution options are available.
Spark 401k is compatible with most payroll providers, which is a great benefit for companies. It allows for easier and more efficient record-keeping. This retirement plan provider offers excellent customer support. You can reach a representative via email or phone any time you have questions or concerns. The representatives we communicated with were friendly, knowledgeable and willing to assist us.
Spark 401K has many valuable features to look for in an employee retirement plan service. This company offers multiple plan options to choose from, and they will work with businesses of all sizes. They integrate with most payroll providers, allow you to transfer a current retirement plan and provide online access to your account. However, they do not feature any type of mobile access and their online resources, such as calculators, FAQs, etc., are sparse. However, if those features are not a priority, this retirement plan service is an ideal solution for most companies, and they have the features and the customer support to prove it.
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