ADP 401k Review 2021 Guide

As a provider of both in-house payroll software and outsourced PEO solutions, ADP has a plan and product for nearly any type and size of business in any industry. Most employee retirement providers offer customization features for their plans. USA 401k mostly, though not entirely, lacks this feature – its plans are primarily pre-packaged and unchangeable.

  • For a comprehensive list of ADP’s integrations, check out the ADP app marketplace.
  • Live customer support is offered 24/7 through the chat function in the app.
  • We were impressed with the diversity of funds available to USA 401k customers; few other brands we reviewed came close.
  • Employers on the Existing 401k plan can also include the option of a self-directed brokerage account.
  • It’s important to check with the new company plan administrator to determine if that’s the case.

It has decades of experience, a solid reputation, and extensive payroll processing expertise. Gusto and RUN by ADP have comparable payroll features — but Gusto is available at a lower starting price. It also includes more payroll features with its base price rather than requiring customers to add them for an extra fee.

Adp 401k Review

Also know Trust Pilot is erasing people’s reviews based on feedback from ADP. So consider these reviews a small example of how many have actually been left. This has been the most costly, abhorrent experience working with an apparently professional payroll company. We chose the companies that offered the most specific details rather than ranges of pricing. We also looked for the plan sponsors that go into detail about their fees and costs. To land our pick for transparency, the vendor also had to be clear about the plan types and investment choices it offers and provide top-notch customer service.

  • We felt that other retirement vendors we reviewed, such as Human Interest and USA 401k, were more transparent about the investment options they offer.
  • After signing up with USA 401k, the hours during which you can reach customer service will vary.
  • Whether your advisor is providing investment advisory services or you are considering hiring a third party for this support, ADP can accommodate your plan needs.
  • Small business owners will also appreciate the company’s mobile app, which makes accessing plan information particularly easy for both employers and their employees.
  • “I needed money to buy supplies — masks and hand sanitizers — so I could do my job at a gas station and safely support the workers needing to be out,” she said.
  • In either scenario, taxes and a potential penalty can be avoided if you roll over the funds into another retirement plan within 60 days.

The company’s plans offer a wide selection of low-cost funds through partnerships with iShares, Schwab and Vanguard. ShareBuilder 401k is a good choice if you want to keep costs low, given that their administrative fees are some of the most affordable in our survey. Just make sure you’re comfortable without access to any in-person interactions with the company—although phone customer service is available. ShareBuilder 401k is an online-only workplace retirement plan provider. You can quickly register your business for a 401(k) plan on their website. All administrative tasks, investment advice and employee portfolio management is also handled online.

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In fact, this single vendor can handle virtually all of your HR needs. It doesn’t get any easier than that for time-crunched small business owners. When companies use ADP for both payroll and 401k management, there is no need for manual data entry by administrative staff. And that’s because the combination of the two ADP products makes it extremely easy to set up retirement plans. ADP gets high ratings as a retirement plan provider by companies that use their combined services, such as 401k plans and payroll. This is because the ADP payroll system is easy to integrate with the ADP record-keeping system for 401k plans.

Is ADP better than Paychex?

The 401k Essential plan makes it easier to offer an employee retirement plan by simplifying employee account setup and maintenance, and ADP Run is a cost-efficient payroll option as well. The brand is undoubtedly one of the best employee retirement plan providers. We are committed to transforming the retirement experience through innovation and ongoing technology investments that help guide businesses and employees toward sound retirement planning decisions. Through the new rollout of offerings, ADP is a helping hand for business and individuals to reassess benefits needs and recommit to helping workers rebuild their financial well-being—for today and tomorrow. Lori Fairbanks is a writer and editor for and Business News Daily who has written about financial services for small businesses for more than seven years.

There is a lack of disclosure with ADP fees

The provider’s Existing 401k plan is meant for businesses with 501 or more employees or those with an existing 401(k). This option is also best for businesses seeking self-directed brokerage accounts. Another trusted name in retirement services, Fidelity has over 30 years of experience and currently over 30 million plan participants under their belt. Fidelity can service businesses of all sizes, but they say that 86% of their business clients have fewer than 500 employees — so despite the big name, they’re fully equipped to serve small businesses.

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Moreover, you should consider a provider that acts as a fiduciary advisor. Fiduciaries are legally and ethically bound to provide unbiased investment advice that aligns with their clients’ best interests. They also manage, monitor and adjust their clients’ retirement plans. There are several types of fiduciaries, but you’ll most often see the term 3(38) fiduciary.

Besides what is listed above, ADP has other offerings in its bundle of premier products. Some of these are meant to boost the effectiveness of your current system—they either offer more niche functionality, or are only available as an add-on to one of the above ADP solutions. ADP SmartCompliance is a modular offering that integrates with a pre-existing HCM solution to automate compliance gap management. ADP TotalSource is the vendor’s professional employment organization (PEO) offering for small businesses.







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