FAQ
401(k) questions? We can help.
Human Interest is a 401(k) provider for small and medium-sized businesses.
If you are already a Human Interest customer with a question, we're here to help. Both employees and employers can give us a call at 855 622 7824 Monday – Friday, 6 AM to 5 PM Pacific Time // 9 AM to 8 PM Eastern Time or visit our Support Center for assistance.
Browse the topics below to find what you are looking for.
How long does it take to set up a retirement plan for my company?
It doesn’t take much to start a retirement plan with Human Interest. With Human Interest, eligible employers can sign up for a retirement plan with our online application process. To complete our application, simply enter basic business details, sign documents, and launch your plan. We send all documents electronically for approval and eSigning.
How much does a 401(k) or 403(b) cost employers?
Human Interest offers three types of plans: Essentials, Complete, and Concierge. Our essentials plan starts at $120 per month + $5 per employee. However, the total cost of your plan does vary, and it is possible to reduce the cost of your plan if you qualify for certain tax credits. The startup tax credit, for example, allows eligible employers to save up to $5,000 a year for three consecutive years on the costs of starting a 401(k) plan.
How can I reach Human Interest?
To contact our sales team, you can reach us from Monday to Friday from 6 a.m. to 5 p.m. PST at (877) 475-0179 or fill out our form to schedule an appointment. To reach support, you can visit our Support Center or call (855) 622-7824.
What investment services do you provide?
With Human Interest, Employers and Employees have access to funds from every major asset class and risk category, including those from Vanguard, Dimensional Fund Advisors, TIAA-CREF, and many more. You can find our full lineup here.
Human Interest offers automated investment recommendations based on each individual's responses to a series of questions. Employees who want more flexibility can choose and manage their own funds. The choice is theirs.
Our digital solution includes education and allows employees to diversify globally, rebalance automatically, and avoid hidden fees.
What tax credits are available to employers?
Businesses starting a 401(k) or other retirement 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.
There is a tax credit for new and existing 401(k) plans when they add an auto-enroll feature. The value of that tax credit is $500 per year for three years (a total of $1,500).
For more information on tax credits for businesses that offer a 401(k). Or, learn more about the tax deductions for offering a 401(k) matching contribution.
Why should I offer an employer match?
There are several reasons why you should consider adding an employer match. An employer match is a powerful recruiting tool to attract top talent because it can help your employees reach their retirement goals faster. Additionally, you may be able to take advantage of the employer matching tax credit, which allows you to save up to $1,000 per employee making less than $100,000 (this tax credit is available for businesses with less than 50 employees).
Do I have to provide an employer match?
While employers are not required to offer a match, the majority of employers offer an employer match. According to data from the Plan Sponsor Council of America, approximately 86% of small businesses and 95% of large businesses offer some sort of employer match.
What is a safe harbor plan?
A safe harbor 401(k) plan is a type of tax-deductible 401(k) plan that ensures eligible employees receive a pre-determined employer contribution in exchange for an automatic pass on key annual nondiscrimination tests. Any 401(k) plan can be designed to include a safe harbor contribution. The mandatory employer safe harbor contribution may be in the form of a basic match, an enhanced match, or a non-elective contribution, depending on the plan design.
How can you help my employees save for retirement?
We make it easy for employees to save. When given access to our platform, the majority of employees choose to save for retirement with a Human Interest 401(k): our participation rate is 70-90%, depending on plan features (Human Interest, 2022; as of March 2022). Employees benefit from access to education both in our platform as well as on our Learning Center.
What should I look for in a 401(k) plan and provider?
There are several factors you should consider when evaluating 401(k) plan providers. The first is to examine your plan's total cost and whether the plan provider charges excessive fees. The second factor to consider is the administrative burden–some retirement plan providers may offer services that can help you manage manual compliance tasks. Another factor to examine is whether the plan provider offers any educational resources to your employees. This may be critical if your employees are first-time savers or are not familiar with the basics of retirement savings. At Human Interest, we provide plan participants with financial wellness resources to help them get the most out of their retirement plan.