The process of setting up a company 401k plan can be daunting for a small business — so much so that often, it’s only larger corporations that offer retirement plans for their workers.
Captain401 is a startup in our current class that makes it easy for a company of any size to set up a 401k program for its employees.
TechCrunch’s Matthew Lynley wrote about Captain401 in a story published today:
“The goal of Captain401 is basically to make managing 401ks as simple
as other services have done for other functions within companies — and
in a more digitally focused manner like Zenefits or Zenpayroll.
Captain401 seeks to create a process that avoids funds that have higher
fees and fail to beat the market, CEO Roger Lee said. The investing
service is automated, helping employees make better decisions about
their investments and become more educated about the best choices, he
‘Incumbents like ADP, John Hanckock, they require tons of paperwork,
snail mailing, filling out and signing,’ he said. ‘Some companies like
Fidelity don’t work with small businesses. We think we can do a lot
better there, our solution is online and paperless.'”