Discover What's Beneath the Surface
Employers are tired of the hidden fees and high costs that surface after launching their 401(k) plan.
True Cost of a 401(k)
Tired of Paying Too Much For Your 401(k) Plan?
For years, the 401(k) has been the default retirement plan option — not because it’s the best fit, but because it was the only option. Not anymore.
Cost of Matching Contributions
Auto-enrollment drives participation up — and with it, your match liability. A 4% match for a 50-person team earning $60,000/year costs $120,000 annually.
Risk of Fiduciary Responsibility
Sponsoring a 401(k) plan makes you a fiduciary. Meaning you’re legally responsible for acting in your employees’ best interest. Fiduciary insurance ($2,000–$5,000/year) can help, but doesn’t eliminate risk or liabiity.
Required Annual Testing and Compliance Risk
One-third of small and mid-sized plans fail annual nondiscrimination testing. That means corrections, refunds, penalties — and hours of admin time.
Illusion of Tax Credits and Changing Federal Regulations
With SECURE Act 2.0, employers are still required to pay plan costs upfront. Auto-enrollment for new plans drives up participation and plan cost.
The Benefit Without the Burden
PRPs Succeed Where 401(k) Plans Fail.
Both plan types have tax-advantaged savings and automatic payroll contributions. But the PRP removes the headaches that come with 401(k) plans.
See How Much You Could Save.
If you’re curious about your true 401(k) plan cost or are interested to see how it compares against a PRP, schedule time to chat with our team today.
Works with 200+ Payroll Providers
Already Offer a 401(k)?
Businesses are switching to the PRP and cutting their retirement plan costs by 50–75% — without sacrificing value for employees.
If your current plan costs feel expensive or difficult to manage, we can help you explore a simpler path forward.
Switching is Easy.
Value-driven businesses are looking for a smarter, simpler way to offer retirement benefits. If you’re considering making the switch to a PRP, there are only a few things you’ll need to do:
1
Contact your current 401(k) provider to initiate the plan termination process
2
Complete the necessary paperwork to terminate your 401(k).
3
Set up your PRP with Icon – it takes less than 30 minutes and we’ll handle onboarding.
Success Story
Homecare Agency Saves $10,400 Annually with the PRP
”The transition from our 401(k) really has been easy, and now we can offer our employees best of class benefits without the high costs and headaches. This is a big win for our agency and caregivers.”
Product Tour
Employers Love the Simplicity
Ready to Learn More?
Schedule time with our team today.