The Best Employee Retirement Plans for Small Businesses 2023

Paychex is an all-in-one HR, payroll and benefits solution that offers 401(k) and retirement services for businesses of all sizes. Small business owners can work with Paychex to build a customized retirement plan, including a traditional 401(k), an owner-only 401(k), a solo 401(k) for sole proprietors and SIMPLE IRA plans. Paychex helps small business owners simplify plan management, reduce the risk of reporting errors and save time for HR professionals.

Editor’s score: 92/100

As an added layer of convenience, Paychex has a mobile app that you can use to view your accounts. Through this app, you and your employees can check your investments and review contribution amounts, as well as access various other functions that generally are accessed via the desktop version.

Paychex also assigns each customer a dedicated team during onboarding to help them build, administer and troubleshoot a retirement plan tailored to the business’s unique needs. Unfortunately, like many of the employee benefits retirement providers we reviewed, Paychex does not disclose its pricing and fees online. You must contact the company to request a free quote, but this is easily accomplished online or via phone.

Paychex users also have the option of receiving financial wellness services through FinFit. With this program, employees can ensure they know where they stand regarding current financial obligations, which can help them decide how much they should be investing toward their retirement.