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Frequently Asked Questions

Employers

Employees

How long does it take to set up a retirement plan for my company?

Employers/Plan Administrators can start a plan in as little as 15 minutes on the web. We send all documents electronically for approval and eSigning.

How much does a 401(k) or 403(b) cost employers?

$120 per month base fee + $4 per employee per month. For more information on pricing.

How much does a 401(k) or 403(b) cost employees?

0.50% of account balance per year + 0.07% average fund fees. For more information on pricing.

How can I reach Human Interest?

Need help? Schedule a call with us here.
  1. Sales: To reach our dedicated sales team immediately, you can call us Monday-Friday, 9 AM to 5 PM Pacific Time at 1 (855) 622-7824.
  2. Support: For any other questions, please email us at [email protected]

What investment services do you provide?

With Human Interest, Employers and Employees have access to nearly every mutual fund and index fund on the market (over 30,000) from Vanguard, Charles Schwab, BlackRock, Oppenheimer, Fidelity, and many more. You can find our full line-up here.

Human Interest offers built-in investment advice with personalized features to employees. Employees who want more flexibility can choose and manage their own funds. The choice is theirs.

Our investment advising can help employees diversify globally, rebalance automatically, and avoid hidden fees — all done automatically while taking their personal financial situations into account.

What tax credits are available to employers?

Businesses starting a 401(k) or other reitrement plan may be eligible for tax credits including:
  • The Retirement Plans Startup Costs Tax Credit, which allows eligible employers to claim 50% of their ordinary and necessary startup costs up to $5,000 per year for up to three years. Employers may choose to start claiming the credit in the tax year before the tax year in which the plan becomes effective.
  • Expenses incurred by employers to educate employees about the plan are also eligible.

For more information on tax credits for businesses that offer a 401(k).

Do I have to provide an employer match?

No, employers are not required to provide a match, though many do! Matching can be a powerful incentive for employees and there are major tax incentives for employers that offer a match.

For more information.

Why should I offer an employer match?

Outside of the tax deductions given to employers for making contributions to their employees’ retirement accounts, the employer match is a powerful recruiting tool to attract top talent.

Matching employer contributions, especially safe harbor matches, ensure employers are complying with IRS and less likely to fail non-discrimination testing.

What is a safe harbor plan?

A safe harbor 401(k) plan is a type of tax-deductible 401(k) plan that ensures all employees at a company have some set of minimum contributions made to their individual 401(k) plans, regardless of their title, compensation, or length of service. Employers make annual contributions on behalf of their employees without a vesting period.

There are three different “types” of safe harbor 401(k) plans, and two of them also have employer match programs. For more information.

How can you help my employees save for retirement?

We make it easy for employees to save. We get 70-90% of employees saving for retirement with a Human Interest 401(k) (our participation rate), depending on plan features.

What should I look for in a 401(k) plan and provider?

We hear from our SMB customers just how important it is to find a retirement savings plan that works for them and their employees. Here are some of the top features of a plan they’re looking for.

A plan that…

    Is easy to use for both employees and employers;
  • Has clear and affordable pricing;
  • Comes with tools to help guide employees, ranging from trustworthy investment advice to financial wellness education to customer support;
  • Does NOT add to the administrative burden for the employer (including the ability to sync with payroll, help with compliance or employee notification, etc.);
  • Has flexible plan design, including giving employers the ability to set vesting schedules, matching options, and more;
  • Has the ability of the plan to scale with a company’s growth;
  • Will help employees save for the future; and
  • Will help the employer compete for and retain talent.

Do you have integrations with any payroll providers?

Human Interest works with HRIS and payroll providers to take the hassle out of the day-to-day operations of managing a 401(k) or 403(b) plan. We offer “No-Touch” integrations with 15+ leading payroll providers to eliminate the burden of managing your plan. We sync to your payroll, process contributions, and handle changes in employee contribution rates.

Check here for the most up to date list of payroll integrations with offer.

Do you provide any kind of financial wellness training?

As an SEC-Registered Investment Adviser (RIA), Human Interest provides built-in investment advice for your employees. This level of advice has historically only been available to employees that can afford a financial advisor or wealth manager. Additional financial educational materials are available on our blog and resource hub.

For more information on our investment funds and philosophy can be found here.

Why do small and medium-sized businesses need a 401(k) ?

Offering a retirement plan is a win-win for both business owners and employees. Research shows that when employees are on track financially, they have greater job satisfaction and loyalty to their organization. And for employers, offering a 401(k) is shown to help attract and retain talent. Not to mention, business owners need to save for retirement and offering a 401(k) can open up tax benefits. Businesses starting a plan are eligible for tax credits and those offering matching contributions are also eligible for tax deductions.

For more information, see: Why Small Business Owners Don’t Offer a 401(k), But Why They Should.

How do I set up a new bank account for contributions and 401(k) service fees?

If you need to provide us a new bank account for your plan, you can do so by logging in to the Human Interest dashboard and entering these details in the setup hub.

In order to validate this bank account, we’ll send two micro-deposit transfers to your account. These micro-deposit transfers can take 1-2 business days to appear in your bank account. Once you’ve received these micro-deposits, you’ll need to confirm these amounts in the setup hub. Follow this link to get started.

Currently, we support one bank account for both contributions and 401(k) service fees. However, our product team has received some requests to expand this feature. Let us know your thoughts by emailing [email protected]

What does “fiduciary duty” mean?

Through our subsidiary, Human Interest Advisors, we serve as a plan fiduciary, and you have the option to choose between 3(38) or 3(21) in terms of fiduciary responsibility. According to the US Department of Labor (DOL):

Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. These responsibilities include:
  • Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them;
  • Carrying out their duties prudently;
  • Following the plan documents (unless inconsistent with ERISA);
  • Diversifying plan investments; and
  • Paying only reasonable plan expenses.

The DOL is currently trying to pass legislation mandating that all retirement plan providers must be plan fiduciaries—currently, some estimate that 90% of plan providers are NOT fiduciaries.

What’s the difference between a 403(b) and a 401(k)?

In addition to 401(k)s, Human Interest also offers 403(b) plans. A 403(b) plan is similar to a 401(k), but only available for public education organizations, some non-profit employers, cooperative hospital service organizations, and self-employed ministers in the United States. If your company falls into any one of these categories, we would be happy to assist you in setting up a 403(b).

More information: 403(b) Compared to 401(k): Retirement Plans for Non-Profits.