Human Interest 401(k)
4.1
891
Human Interest, Inc. offers low-cost retirement plans for small and midsize businesses to provide their employees with a secure financial future. They offer 401(k) plans with automated administration, compliance monitoring, dedicated support team, participant education, and 3(16) fiduciary services available. Their solution aims to make it easy for companies to offer high-quality 401(k)s without putting a huge administrative burden on HR. Employers can set up and administer a 401(k) plan entirely online, and make it easier for employees to manage their retirement benefits. Human Interest solicits clients for reviews in exchange for nominal non-cash compensation, and testimonials may not be representative of the experience of others.
Strengths
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Automated Administration
Saves time and reduces errors in managing 401(k) plans
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Low Fees
Competitive pricing compared to traditional 401(k) providers
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Employee Onboarding
Streamlines the process of enrolling employees in the 401(k) plan
Weaknesses
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Limited Investment Options
May not offer as many investment choices as other 401(k) providers
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No Financial Advisor
Does not provide access to a financial advisor for plan participants
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No Loans or Hardship Withdrawals
Does not allow participants to take out loans or hardship withdrawals from their 401(k) accounts
Opportunities
- 401(k) plans are becoming more popular among small businesses
- More businesses are looking for digital solutions to manage their 401(k) plans
- Could expand into offering other types of retirement plans, such as IRAs or pensions
Threats
- May face competition from larger, more established 401(k) providers
- Changes in regulations could impact the 401(k) industry and the company's operations
- A recession or economic downturn could lead to decreased demand for 401(k) plans and the company's services
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https://humaninterest.com/
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Human Interest 401(k) Plan
Human Interest 401(k) offers a transparent pricing strategy with no hidden fees, starting at $120 per month for the basic version.
Essentials
120
120 per month + $4 per eligible employee per month
Best for businesses looking for an affordable all-in-one 401(k) solution.
Integration with 100+ leading payroll providers
Flexible plan design
Automated administration and recordkeeping
Complete
150
150 per month + $6 per eligible employee per month
Best for businesses looking to offload most of the administrative and compliance of their
401(k).
Integration with 100+ leading payroll providers
Flexible plan design
Automated administration and recordkeeping
Human Interest procures your ERISA bond
Human Interest serves as your plan administrator and 3(16) fiduciary
Human Interest signs and files your IRS documents
Concierge
180
180 per month + $8 per eligible employee per month
Best for businesses looking for a complete 401(k) solution plus dedicated support and administrative assistance.
Integration with 100+ leading payroll providers
Flexible plan design
Automated administration and recordkeeping
Human Interest procures your ERISA bond
Human Interest serves as your plan administrator and 3(16) fiduciary
Human Interest signs and files your IRS documents
Dedicated account management
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