401(k) Providers: Compare Fees, Service, and Employee Support

Pamela Rodriguez, CFP® · 2026-04-16

Updated 2026-10-20

For employers: a useful 401(k) provider comparison starts with your business, not a winner's podium. Compare the services you need, the total cost to the business and employees, and who is responsible when something needs fixing.

This guide is for owners, benefits teams, and people reviewing a company retirement plan. It is not an investment recommendation for individual employees. See the employer help hub for the broader decision.

How these providers were evaluated

We reviewed the official product and pricing pages linked below on October 20, 2026 (UTC). This is a qualitative comparison of product scope, eligibility, fee disclosure, administration, and employee support. It is not a scored ranking, an independent service-quality test, or evidence that every product fits every employer.

Editorial judgment: compare written proposals for the same plan design before choosing. A familiar investment brand, a low advertised starting price, or a long feature list cannot tell you the full service experience. We have not independently tested the providers' service claims.

Product terms change. Provider pages describe different products and sometimes show older tax-year examples. Confirm current eligibility, minimums, fees, payroll compatibility, and contracted responsibilities directly. No universal minimum or all-in price is assumed here.

401(k) provider comparison for employers

These are product distinctions, not ratings. On a small screen, scroll the table sideways. Each provider name links to its detailed section.

Provider details: use the same questions for every proposal

Fidelity

Scope and eligibility: Fidelity describes Advantage 401(k) for businesses with 2–1,000 employees starting their first plan. It separately directs existing-plan sponsors and self-employed owners to different products. Those are product distinctions, not a claim that one Fidelity offer serves every business.

Fees and responsibilities: the Advantage page publishes startup, employer administration, participant recordkeeping, and asset-based investment-service fees. Request a current written illustration including fund expenses. Its described fiduciary/administrative roles should not be assumed to apply to other Fidelity arrangements.

Employee support question: what help is general education, what is personalized advice, and what costs extra? Official Fidelity small-business product, eligibility, and fees (checked October 20, 2026).

T. Rowe Price

Scope and eligibility: its small-business page describes plans generally for one or more employees and $0–$5 million in plan assets, with eligibility varying by plan. Its broader retirement services describe additional offerings for larger plans. This corrects the idea that it only serves large employers.

Fees and responsibilities: the small-business page lists setup, annual plan recordkeeping, and annual per-participant recordkeeping components, with fees varying by plan. Obtain a quote. The broader platform explicitly describes full-service and unbundled options; a separate TPA is not a universal requirement.

Employee support question: confirm which enrollment materials, meetings, telephone support, and advice services are included in your contract. Sources: official small-business plan and retirement-plan service models (checked October 20, 2026).

Gusto 401(k), powered by Guideline

Scope and eligibility: Guideline announced completion of its acquisition by Gusto in November 2025. The current site describes a Gusto-integrated experience and a self-service option for businesses not using Gusto payroll. Verify your payroll and plan-design needs rather than relying on old headcount assumptions.

Fees and responsibilities: request a current quote for the specific product, including employer, participant, investment, and optional-service charges. The prior version's Guideline price ranges are not used here. Ask who performs recordkeeping, testing, reporting, and any elected investment-advisory services.

Employee support question: which human guidance channels are available, to whom, and under what agreement? Sources: official acquisition announcement and current product and self-service information (checked October 20, 2026).

Human Interest

Scope and eligibility: Human Interest describes payroll-connected retirement plans with different service tiers. Ask which plan features, payroll integrations, and employee populations your proposal supports.

Fees and responsibilities: its pricing page publishes tiered employer base and eligible-employee charges, with additional disclosures about asset-based charges, setup terms, and optional services. Outside-advisor fees are separate when applicable. A monthly headline is not the full cost comparison.

Employee support question: what participant support and investment guidance come with the chosen tier? Official Human Interest pricing, features, and disclosures (checked October 20, 2026).

Principal

Scope and eligibility: Principal offers 401(k) and 403(b) plan solutions and describes both employer services and participant financial-literacy tools. Request eligibility and minimum requirements for the specific arrangement; do not treat a general brand page as a commitment to accept every plan.

Fees and responsibilities: a quote is required for the service package being compared here. Ask whether administration is bundled or assigned to another party, how investments are priced, and which fiduciary responsibilities are accepted in writing.

Employee support question: distinguish financial-literacy education from elected managed-account or personalized-target-date services, including their fees. Official Principal plan and participant-service information (checked October 20, 2026). Background disclosure: Pam previously worked at Principal Financial Group. That history is not a provider endorsement or evidence of current service quality.

Vanguard investments are not the same thing as plan administration

Scope and eligibility: Ascensus offers small-business retirement plans featuring Vanguard investments, including a traditional 401(k) and an owner-only Individual(k). Its current comparison identifies the owner-only distinction. Vanguard's 2024 agreement to transfer its Individual 401(k), Multi-SEP, and SIMPLE IRA business did not include all its other retirement solutions.

Fees and responsibilities: Ascensus publishes product-specific employer, implementation, per-participant, and custody/trading charges. Compare the selected plan, investment expenses, and any advisor costs. Ask who actually records accounts, administers the plan, and handles employee questions. Do not infer service quality from the fund brand.

Employee support question: who do employees contact for account help versus personal advice? Sources: current Ascensus plans, eligibility, and pricing and official transaction scope (checked October 20, 2026).

Empower

Scope and eligibility: Empower describes workplace-plan services and participant engagement and advisory options. Ask which offering applies to your business, what minimums apply, and which plan designs and payroll systems it supports.

Fees and responsibilities: a quote is required for the arrangement being compared here. Obtain a written breakdown of recordkeeping, administration, investments, transaction costs, and any advice charges. Do not assume all service configurations are the same or that a quoted price applies to other plans.

Employee support question: which account support, education, and fiduciary-advice services are included or separately elected? Official Empower plan-sponsor and participant-service information (checked October 20, 2026).

Employee Fiduciary

Scope and eligibility: Employee Fiduciary publishes separate pricing for employee-covering and solo plans. A solo 401(k) may cover only business owners and their spouses, not a business's other eligible employees. Confirm plan-design and payroll compatibility for your business.

Fees and responsibilities: published pricing separates establishment/conversion, annual base, additional-employee, and asset-based custody charges. Its employee-plan base covers up to 30 eligible employees; confirm current charges and include fund expenses and any separately engaged advisor in the comparison.

Employee support question: what participant education and personal advice are included versus provided by your advisor? Official Employee Fiduciary pricing and solo-plan eligibility (checked October 20, 2026).

Questions to ask before signing

1. What is the total annual cost at our employee count and assets? Show employer-paid and employee-paid costs separately, including investments, advice, transactions, startup, and termination.
2. Which employees are counted for billing: eligible, enrolled, or those with balances?
3. Who handles payroll errors, contribution corrections, eligibility, testing, and Form 5500? What remains our responsibility?
4. What fiduciary duties does each party accept in writing, and what duties remain with the employer?
5. What plan features, investment options, payroll connections, and minimums apply to this exact product?
6. Who answers employee questions, through which channels, and is that education or individual advice?
7. What is the transition process, including any blackout, data transfer, conversion costs, and participant notices? What must happen before a realistic launch date can be agreed?
8. What are the cybersecurity, account-recovery, accessibility, complaint, and escalation procedures?

Recordkeeper, TPA, and advisor: who does what?

A recordkeeper tracks participant accounts and transactions. A third-party administrator (TPA) can support plan documents, compliance testing, and reporting. An advisor may help with investment selection, monitoring, or participant advice, depending on the agreement.

In a bundled arrangement, multiple services are packaged together. An unbundled arrangement uses separate providers for some functions. Neither label alone establishes quality, lower cost, or complete fiduciary delegation. Ask for a responsibility map and confirm the named legal entities and contracts.

The Department of Labor explains the employer's duty to select and monitor providers and understand reasonable expenses: Meeting Your Fiduciary Responsibilities and A Look at 401(k) Plan Fees (checked October 20, 2026).

Employee education and access to guidance

An employee may need help reading a statement, understanding a match, or comparing traditional and Roth contributions. That is different from choosing the company's recordkeeper. Compare understandable education, accessible account support, and the availability and price of individual advice instead of assuming one service includes the others.

Ask who employees can actually speak to, what questions that person can answer, and whether a rollover or product purchase is required. Employees should be able to compare staying in an eligible plan, transferring to an accepting new employer plan, an eligible IRA rollover, and withdrawals with their tax and possible penalty consequences. Available choices depend on the plan and the person.

Want to explore your team's needs? Discuss your company's retirement plan. This is an invitation to discuss scope and fit, not a promise of an established employer education program or plan-administration service.

Focused questions about 401(k) providers

Is there one best 401(k) provider?

No universal choice follows from this comparison. Plan design, employee needs, cost, payroll compatibility, and the specific service agreement matter. Compare like-for-like proposals and verify current terms.

How much will our plan cost?

Some products publish fee schedules; others require a quote. Ask for a total-cost illustration covering the business and participants. Investment expenses and outside-advisor fees may be additional. Do not compare one provider's base charge with another's total cost.

Do all providers require a separate TPA?

No. Providers offer different bundled, unbundled, and product-specific arrangements. Confirm who is responsible for each function rather than applying a brand-wide rule.

Can we use Vanguard funds without choosing Vanguard as recordkeeper?

Some other platforms offer Vanguard investments, including the Ascensus products linked above. Availability depends on the platform, fund lineup, share class, and plan. Funds and administration are separate decisions.

Can we switch an existing plan?

A change may be possible, but review the contracts, costs, notices, data-transfer requirements, and possible blackout with the responsible providers and qualified professionals. Do not promise employees an uninterrupted or fixed-length transition before the process is confirmed.

Do employees have to roll over to get help?

No rollover is required to ask GWC about help. An IRA is one potential option, not a default recommendation. Any personalized recommendation requires understanding the available plan options and individual circumstances.

A useful next step, without a sales obstacle course

Bring a broad question, not account numbers or employee records. We can discuss what you are trying to solve and whether GWC is the right resource.

Discuss your company's retirement plan · Explore employer questions

For individual planning, start with 401(k) Help for employees. For broader planning, meet our Sacramento fee-only fiduciary team.

Educational disclosure: This material is for general education, not individualized investment, tax, legal, or ERISA advice. Plan documents and current law govern. Investments involve risk, including loss of principal. Consult qualified professionals about your situation. Provider names identify the products discussed, not an endorsement, partnership, or guarantee. Golden Wealth Capital provides financial planning and investment advisory services; the scope of any engagement must be agreed separately.