Eligibility Requirements
The Intuit 401(k) is limited to new, first-time, customers of The Online 401(k) and its affiliate companies. This special pricing program is not available to any company that has utilized the services of The Online 401(k) previously, or is currently utilizing or associated with any other company, including but not limited to those that are providing payroll or financial advisor services, that is currently considered a partner of The Online 401(k). To qualify for this pricing program a company must: be an employer in the U.S.; have a valid U.S. billing address; have at least one employee who has received a W2 Wage and Tax Statement; possess a valid U.S. Federal Employer Identification Number (FEIN). The delivery of The Online 401(k)’s services, including plan administration, participant statements, billing, and legislative updates and changes in policy and procedure, are web-based. Company must have internet access. Company must agree to the electronic delivery of The Online 401(k)’s services, and to adhere to administrative instructions regarding the maintenance of the retirement plans’ qualified status. Terms, conditions, features, availability, pricing, fees, and service and support options are subject to change without notice. The Online 401(k) is not a financial or legal advisor. Companies wishing to participate in this pricing plan, and its individual plan participants, should consult with an attorney, professional tax advisor and/or investment advisor before establishing or changing a 401(k) plan and/or underlying funding vehicles. For additional information about terms and conditions, please see The Intuit 401(k) Agreement for Services.
1 Your business must have at least one employee, other than you as the owner, who earns less than $115,000 a year to qualify for a tax credit. The tax credit is equal to 50% of administration and setup charges for your 401(k) not to exceed $500 (www.irs.gov/pub/irs-utl/egtrra_law.pdf, p. 73).
2 Employee participant fee not to exceed 1% of participant’s annual balance.
3The funds that Morningstar Investment Services (MIS) utilizes have internal costs (fund expense ratios) ranging from 0.44% to 1.39% on average annually. Overall, the weighted average expense ratio of the MIS models range from 0.64% to 0.91% on average annually. In addition, MIS charges an annual asset management fee of 0.25% of plan assets to cover the cost of selecting and monitoring funds. Participant accounts will be assessed quarterly.
4 The amount of taxes saved depends on your federal and state personal income tax rates. 2012 contribution limit for tax-deferred funds into a 401(k) plan is $17,000 ($22,500 for those age 50 or older). Savings calculation assumes you are in the 28% tax bracket.
5 2012 contribution limit tax-deferred into a 401(k) plan ($17,000 for 2012, plus $5,500 catch up for those age 50+).
6 Data is based on an average of publicly available pricing data for common 401(k) plans. Pricing includes a one-time first year set up fee and ongoing monthly record keeping and administrative fees associated with sponsoring a 401(k) plan. Updated 08/2011.
Pricing Disclaimer: The initial term (term minimum) of this agreement is 18 months. After the initial 18-month term is met, services will automatically continue on a quarterly basis until the client requests the termination of these services. The client will experience a recurring quarterly charge, billed automatically to client’s credit card or other preferred method of payment. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. After the initial 18-month commitment, the client can discontinue services by contacting The Online 401(k) by calling 855.705.4357 or by e-mailing support@theonline401k.com. The client must provide notice of cancellation to The Online 401(k) sixty days prior to termination. The Online 401(k) will charge a $600 fee for the process of either terminating the client’s plan or assistance in transferring the client’s plan assets to another provider. This covers the cost of reporting, additional communication and processing. This fee is a standard fee within the 401(k) industry. For The Online 401(k)’s full termination policy, please click here.
